Central Africa: Afreximbank - Central African Regional Office in Yaounde

The Headquarters agreement and Memorandum of Understanding on Cameroon's facilitation were signed in Yaounde on December 13, 2019.

The office of the African Export- Import Bank (AFREXIMBANK) for the Central Africa Sub-region is henceforth in Yaounde, Cameroon following the headquarters agreement the government of Cameroon signed with authorities of the bank on December 13, 2019. Prime Minister, Head of Government, Chief Joseph Dion Ngute chaired the ceremony at the Star Building. The agreement was signed for Cameroon by the Minister of External Relations, Lejeune Mbella Mbella and for AFREXIMBANK by its President and Chairman of the Board of Directors, Professor Benedict Okey Oramah.

Speaking during the occasion, Prime Minister Dion Ngute said the choice of Yaounde to host the Central African office of AFREXIMBANK was a great honour for the country and proof of the vibrant economy of Cameroon and its strategic position in the sub-region. Government's commitment to facilitate the establishment of the bank was translated through the Memorandum of Understanding signed during the occasion. Giving details, the Prime Minister said that following the terms of the MOU, government will provide the bank with a building to host the office for two years and also provide two pieces of land for the construction of the head office and permanent premises. Prime Minister Dion Ngute rejoiced that the establishment of the office in Yaounde will make the city the hub of economic activities of the Economic Community of Central African States (ECCAS).

The Board Chairman of the AFREXIMBANK, Prof. Okey Oramah said the signing of the headquarters agreements for the Central Office in Yaounde made the institution to be present in the entire continent. As to office, he said, "The regional offices of the AFREXIMBANK are the instruments the bank uses to get closer to its clientele." Concerning the significance of the headquarters agreement signed, he said, "Today's event is remarkable because our footprint is now established here." Prof. Okey Oramah explained that, " It goes beyond the context of the Africa Free Trade Continental Agreement that will start operating next year, it creates a window that will make available trade information, financing, guarantees, technical assistance and other support services to the businesses in Cameroon and across the countries that make up the Central African Sub-region." As to the spinoffs of the establishment of the office in Yaounde, he said, "We plan to build an Africa Trade Centre here which is what we are now doing in all our regional offices. The Africa Trade Centre concept is one where we develop an iconic building that will not only host our offices but also conference facilities, World class hotel, Exhibition Centre, Trade Information Centre and other related services."

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