The Fund for Export Development in Africa (FEDA), the development impact-focused subsidiary of the African Export-Import Bank (Afreximbank) (www.Afreximbank.com), has announced the accession of Gabon and Sierra Leone to the Fund through the signing of the FEDA Establishment Agreement.
FEDA described the two countries’ accession as a significant milestone that will strengthen its ability to provide critical support to African economies and effectively achieve its objectives. The new members broaden the scope of FEDA’s interventions and demonstrate the Fund’s unwavering dedication to its mandate of providing long-term capital to African economies with a focus on industrialization, intra-African trade, and value-added exports.
In November 2022, FEDA made a significant investment in Arise Integrated Industrial Platforms (Arise IIP), deepening the implementation of its mandate of promoting industrialization and value-added exports. Gabon’s Special Economic Zone (GSEZ), created by Arise IIP and centered on the timber industry, has allowed the country to progress from a log exporter to a leading global producer and exporter of veneer.
Similarly, the Sierra Leonean government has collaborated with Arise IIP to establish a Special Economic Zone in the country, bolstering FEDA’s goal of promoting industrialization on the continent.
Professor Benedict Oramah, President of Afreximbank and Chairman of the Board of both Afreximbank and FEDA, said:
The signing of the FEDA Establishment Agreement by the Gabonese Republic and the Republic of Sierra Leone is a testament to the long-standing cooperation between Afreximbank and the respective countries. These developments establish the foundation for more coordinated intervention in the future. FEDA’s mandate to provide long term capital, with a focus on industrialization, intra-African trade and value-added exports, makes the Fund a critical force for bringing prosperity for African economies.
Marlène Ngoyi, CEO of FEDA, commented:
FEDA looks forward to a successful partnership with the Gabonese Republic and the Republic of Sierra Leone. We welcome the continued support from Afreximbank Member States, and we aim to mobilize more countries in due time to support FEDA’s pan-African outreach and intervention. The recent developments in the Gabon Special Economic Zone and the Special Economic Zone in Sierra Leone, under the Arise IIP investment, are strong demonstration of transformative investments that are well aligned with FEDA’s investment strategy.
