Last week in Kigali, Rwanda, $1.11 billion was signed in form of financing by Afrexim Bank to billionaire Aliko Dangote, Tony Elumelu and the Rwanda Development Bank during Afrexim Bank’s 24th Annual General Meeting. Finance Minister Claver Gatete was elected Chairman of the Annual General Meeting of Shareholders. The bank also accepted to extend $500m to finance development projects. Notably, the bank was one of the financiers of the Kigali Convention Center to a tune of $155m.
During the conference, several topics were discussed under the theme: Transforming Africa’s Trade.
Our photographer Natasha Batamuriza captured some moments during the conference.
Delegates arriving at the Kigali Convention Center for the AGM 2017.
One of the plenary session talking about “Industrialising for growth and export diversification: Lessons from successful economies”.
Minister Claver Gatete officially opening the conference.
Alex Kanyankole CEO of Development Bank (L) chats with BPR Managing Director Sanjeev Anand
SMs Busisiwe Mabuza, South Africa’s Board Chairperson of the Industrial Development Corporation
Dangote (R) signs a $1 dollar deal with Afrexim Bank’s President Oramah
Emanuel Elumelu (L) signs $100m deal with Afrexim Bank
BRD CEO, Alex Kanayankole signs $10m deal with Afrexim Bank
Afrexim Bank’s Chief Economist Dr. Hippolyte Fofack shared views on the bank’s investment philosophy and Africa’s trade structures. He said trade restrictive measures increased to 2,228 in 2016 from 462 in 2010 and 57% of them are set by G20 economies.
Dr. Kuen Lee, Professor of Economics at the University of Seoul, Korea, lectured about success stories on industrialisation for growth and export diversification.
Participants fed on too much and complex content in the conference
M Helen Hai, Goodwill Ambassador and CEO, Made in Africa Initiative. She has invested in a textile factory in Rwanda and currently exports high end clothes from Rwanda to global stores especially European stores.
After a stressful day, participants would be treated with entertainment.
President Paul Kagame spoke at the closing of the 24th Annual General Meeting. He said that for the last two decades, AfreximBank has been raising money, financing strategic projects and contributing to Africa’s pursuit of prosperity, and independence. “I thank you for your valuable partnership and support. We still have a long way to go, and more work to do, to strengthen continental integration and raise the share of intra-African trade, which at 15%, is unacceptably low. Africa needs to be more resilient in the face of consistent global shocks and increasing protectionism. Too often, we find ourselves at a disadvantage when negotiating trade with other parts of the world. And within all this, there is the ever increasing need for Africa to industrialise.”
Former President of the Bank Dr. Peter Larose and now Minister of Finance, Trade and Economic Planning, the Republic of Seychelles
Rwanda’s Central Bank Governor, John Rwangombwa (C)
Anne Katusiime, Uganda’s First Secretary/Deputy Head of Mission to Rwanda
After his speech, President Kagame engaged in a discussion moderated by a world renown TV Host Riz Khan
Adama Waba, the Managing Editor of Financial Africa asked President Kagame: “Of all African presidents, who is your model? And to you, what is the definition of a ‘leader’ and what is the best leader for Africa today? President Kagame Responded saying, “I think African leaders are my colleagues, they are my friends. About the model, that is a different issue but we are brothers, we are friends and we work together.”
After the AGM meeting, business executives were invited to a side meeting where Ecobank Group CEO, had invited to discuss Ecobank’s contribution to Africa’s Economic Integration.
“Every generation has its own challenge. Once it solves their challenge, it creates another challenge opportunity for the next generation. [For] those generations, nothing existed. Their challenge was to create something from where nothing existed. Our responsibility now as a generation is to make sure that our children that are coming after us do not have to solve the problems that we know how to solve,” CEO, Ayeyemi