This membership is an important step that will strengthen the capacity of the Export Development Fund for Africa (FEDA) to provide critical support to the continent’s economies, the Fund said.
The scope of intervention of the Fund for Export Development in Africa (FEDA) is expanding. In a statement sent to APA on Tuesday, the impact investment arm of the African Export-Import Bank (Afreximbank) announced that the Republic of Gabon and the Republic of Sierra Leone have joined the Fund through the recent signing of the Feda Establishment Agreement.
The new memberships reflect 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, the document said.
In November 2022, the note notes, FEDA invested in Arise Integrated Industrial Platforms (Arise IIP); an important step in the implementation of its mandate to promote industrialization and value-added exports.
The Gabon Special Economic Zone (GSEZ), developed by Arise IIP and focused on the timber industry, has enabled Gabon to move from being a simple log exporter to a leading global producer and exporter of
veneer.
Similarly, the document continues, the government of Sierra Leone has partnered with Arise IIP to establish a special economic zone in the country, reinforcing FEDA’s objective of promoting industrialization on the continent.
“The signing of the FEDA Establishment Agreement by the Republic of Gabon and the Republic of Sierra Leone is a testament to the long-standing cooperation between Afreximbank and the respective countries. These developments lay the foundation for a 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 the prosperity of African economies,” said Benedict Oramah, President of Afreximbank and Chairman of the Board of Directors of FEDA, as quoted
in the release.
ARD/ac/fss/abj/APA