The Republic of Benin has become the latest African nation to accede to the Fund for Export Development in Africa (FEDA), the impact investment subsidiary of African Export-Import Bank (Afreximbank). With Benin’s accession to the FEDA Establishment Agreement, the total number of participating African countries has risen to 17, following Nigeria’s accession earlier this month.
The accession to the agreement demonstrates Benin’s support for Afreximbank’s efforts to broaden FEDA’s effectiveness by mobilizing its Member States to sign and ratify the FEDA Establishment Agreement and to support the organization’s impact investing objectives. The onboarding of new Members expands the reach of FEDA’s interventions and reflects the Fund’s unwavering commitment to its mandate of providing long-term capital to African economies, with a focus on industrialization, intra-African trade and value-added exports.
Among other strategic investments across the continent, in November 2022, FEDA invested in Arise Integrated Industrial Platforms (Arise IIP) in a significant step deepening the implementation of its mandate. Arise IIP developed the Glo-Djigbé Industrial Zone (GDIZ) which is focused on the transformation of textile and agro-processing in Benin.
Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, commented: “We welcome the signing of the FEDA Establishment Agreement by the Republic of Benin. This development builds on the various interventions by both Afreximbank and FEDA in Benin in recent years. A key strategic initiative for the Bank is to deploy the African Quality Assurance Centre (AQAC) within the GDIZ in Benin. This endeavour will facilitate the export of high-level African products that comply with export requirements, applicable standards and technical regulations, to international markets.”
Marlène Ngoyi, CEO of FEDA, said: “This notable milestone builds on FEDA’s track record of investing in companies in Benin that are strategically aligned in promoting industrialization, intra-African trade and value-added exports. We look forward to continuing our support for transformative investments that are well aligned with FEDA’s investment strategy in Benin.”