Although it has been operating since spring, the charter for the African Export-Import Bank's (Afreximbank) new branch in Abidjan, the capital city of Ivory Coast, formally was ratified in Cairo, Egypt on Monday.
Documents finalizing the bank's establishment were presented to Afreximbank President Benedict Oramah by Eugène Allou Allou, the Ivory Coast's ambassador to Egypt.
With the signing and filing of these final documents, the Abidjan branch is legally under the Afrexim Bank umbrella.
Oramah said the establishment of the branch in Ivory Coast is another step in Afreximbank's plan to promote trade within the continent, as well as African export initiatives.
Ivory Coast is a developing nation and the base of Africa's Francophone countries (countries whose citizens speak both French and English). Ivory Coast is the world's leading cocoa and cashew nut producer and exporter.
Since 1994, Afreximbank has conducted more than $2.5 billion worth of business with Ivory Coast customers.
Afreximbank's new Ivory Coast branch charter officially ratified
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