Banking and Insurance

South Africa has today officially acceded to the Establishment Agreement of the African Export-Import Bank (Afreximbank), marking the formal entry of one of the continent’s largest economies into the bank’s membership and signaling a potential shift in the region’s financial architecture. The move brings South Africa into the fold of Africa’s leading multilateral financial institution, which was created to finance and promote intra-African and extra-African trade. Membership gives Johannesburg formal access to a…

New Afreximbank chief vows to turn raw exports into homegrown industry — but the path is steep In a stately ceremony in Cairo on Oct. 25, Dr. George Elombi took the oath as president and chairman of the African Export-Import Bank (Afreximbank), laying out a mission that is at once technical and deeply political: to break a continent’s dependence on exporting raw materials and instead build the factories, ports and skills that keep wealth in Africa. "To change the structure, we must process. We must produce. Unless we…

The Central Bank of Libya has officially declared a halt to its operations following the alarming kidnapping of its IT chief by unidentified armed assailants. This disturbing event unfolds amid escalating tensions among various armed factions throughout the nation. Prior to this incident, gunmen had surrounded the bank's headquarters located in Tripoli, demanding the resignation of Governor Seddik al-Kabir. This bold move has sparked international outrage, notably from Richard Norland, the U.S. Ambassador to Libya. He…