THE African Export-Import Bank (Afreximbank) has formally discontinued its credit rating relationship with Fitch Ratings, following an internal assessment of the engagement. The bank said the move was based on its view that Fitch’s rating process does not sufficiently capture Afreximbank’s legal foundation, institutional mandate, and operational model.
According to Afreximbank, its overall business position remained strong and stable, supported by long-standing shareholder relationships and the legal safeguards contained in its Establishment Agreement, which had been ratified by its member countries.
Afreximbank operates as a Pan-African multilateral financial institution with a core mandate to facilitate and expand both intra-African and extra-African trade. Over the past three decades, the bank has developed innovative financing mechanisms aimed at transforming Africa’s trade structure, promoting industrialisation, and increasing regional economic integration.
As a key supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank introduced the Pan-African Payment and Settlement System (PAPSS), which has been adopted by the African Union as the official payment platform for implementing the trade agreement.
In collaboration with the African Union and the AfCFTA Secretariat, it also established a $10 billion Adjustment Fund to help African countries manage the transition and fully participate in the AfCFTA framework.
By the end of December 2024, Afreximbank reported total assets and contingent liabilities of more than $40.1 billion, while shareholders’ funds stood at $7.2 billion.
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Despite ending its relationship with Fitch, Afreximbank continues to maintain investment-grade ratings from other agencies, including GCR (A), Moody’s (Baa2), Japan Credit Rating Agency (A-), and China Chengxin International Credit Rating (AAA).
Afreximbank functions as a group structure comprising the Bank, its development-focused equity subsidiary FEDA, and its insurance arm AfrexInsure, with its headquarters located in Cairo, Egypt.
