The Republic of Guinea has signed the agreement for the establishment of the Fund for Export-Development in Africa (FEDA), a development impact-oriented subsidiary of the African Export-Import Bank (Afreximbank).
The Establishment Agreement was signed on 31 March 2021 by the Minister for Foreign Affairs, Mr. Ibrahima Khalil Kaba, on behalf of the Republic of Guinea.
Guinea becomes the third signatory of the Establishment Agreement after Rwanda in November 2020 and Mauritania in January 2021. To complete the FEDA Legal Establishment process, two Afreximbank member states are required to sign and ratify the Establishment Agreement. The signing of the Agreement by Guinea is a highly significant step as it enables FEDA’s Legal Establishment procedures to progress towards completion.
The Establishment Agreement grants FEDA legal capacity to conduct business in its own name as an international organisation with privileges and immunities accorded to other Multilateral Financial Institutions on the continent.
President of Afreximbank, and Board Chairman of FEDA Professor Benedict Oramah, said: “We at Afreximbank greatly appreciate the signature of the FEDA Establishment Agreement by the Republic of Guinea, marking another major milestone in the FEDA Establishment process. This notable action has added the required momentum in support of the establishment of FEDA as a new multilateral development platform on the continent.”
