Libya has officially become a shareholder in the African Export-Import Bank (Afreximbank) after fully paying for its shares on 13 May. The move marks a strategic milestone aimed at supporting the country’s economic recovery and strengthening its integration into the African trade and investment landscape.
According to a statement on Afreximbank’s website, Libya’s accession to the bank’s founding agreement in October 2024 made it the 52nd African nation to join the institution. This step contributes to Afreximbank’s goal of achieving continental coverage and advancing its agenda for African integration.
The bank operates across key sectors including infrastructure, oil and gas, and the export of manufactured goods to African markets. It also supports regional integration projects that connect Libya with other North African countries.
Professor Benedict Okechukwu Oramah, Chairman of Afreximbank, praised Libya’s investment, noting that it positions the bank to play a critical role in supporting the Libyan government’s reconstruction efforts. He highlighted that Libya’s membership enables investment in vital cross-border infrastructure projects, such as oil pipelines, road links between Libya and Egypt, and electricity interconnection projects with Tunisia and Algeria.
“This demonstrates the confidence African governments place in their multilateral financial institution,” said Oramah, adding that Libya’s contribution will help expand the bank’s capital base and enhance its impact across the region.
Libya’s Minister of Finance, Dr Khaled Al-Mabrouk, representing the Government of National Unity (GNU), emphasised the significance of this partnership. He described Libya’s membership as a turning point in the country’s path to economic diversification and reconstruction.
“This acquisition establishes Libya as a full member and shareholder in this prestigious African multilateral institution. It is a historic achievement following our signing of the bank’s founding agreement,” said Al-Mabrouk.
He added that Libya’s move reflects its commitment to deeper economic integration within Africa. “As the 52nd African country to join Afreximbank, we affirm our dedication to building strong trade and investment ties across the continent.”
For over three decades, Afreximbank has led efforts to transform intra-African trade, offering innovative financing solutions that drive industrialisation and economic growth.
