Activities leading up to the 17th General Assembly went underway in Yaounde yesterday.

Stakeholders of Afreximbank, an export/import trade finance institution that was established by African governments in 1993 to promote and finance intra and extra-African trade, are in Yaounde to device better means of meeting their target. This is on the occasion of the institution’s 17th General Assembly meeting billed for tomorrow Saturday July 24. Commemorative activities leading up to Saturday’s conclave went underway yesterday with an exhibition on the theme, “Norms and standardisation of export products” Chairing deliberations at the Yaounde Hilton Hotel, the Minister of Trade, Luc Magloire Mbarga Atangana, said the choice of Cameroon was strategic and timely. He said coming at a time when government is leaving nothing to chance to boost trade, the Afreximbank conclave could rekindle competition among enterprises who would arguably strive for efficiency to stand the test of time.

According to the President of Afreximbank, Jean-Louis Ekra, the institution’s general assemblies are rotary and meet specific needs. “Every year we meet in a different African country not only to look at our financial statements and our activities but also to promote the products and trade finance activities in the country where we are meeting”, he said. Yesterday’s exhibition, Mr Ekra added, was an opportunity for Cameroonian enterprises to show to the bank’s other stakeholders and shareholders what they can offer. “During our meeting we will give an opportunity to Cameroonian authorities to promote Cameroon as an investment destination”, the president stressed. This Friday, participants will during a colloquium on the theme, “Global economic crises, trade diversification and access to trade finance, share experiences and gain new ideas on what could be done to make trade in the continent vibrant. Particular focus will be on the lessons of recent and past global crises and implications for Africa. A debate is also billed for tomorrow as well as an investment forum on the theme, “Investment opportunities and business climate in Cameroon and in the CEMAC zone”.

The bank’s vision is to stimulate a consistent expansion, diversification and development of African trade while operating as a first class, profit-oriented, socially responsible financial institution and a centre of excellence in African trade matters. To achieve this goal, it provides pre-and post-shipment finance, extends indirect short-term credit and medium-term loans to African exporters and importers, assists African clearing houses and payment arrangements to promote intra-African trade as well as undertake market research and provide ancillary services, such as advisory and support services and organisation of trade fairs, aimed at expanding intra- and extra-African trade. As at December 2009, the president said, the bank had a balance sheet of 1.4 billion dollars with a net income of 42 million dollars.