Libya has officially become a full member and shareholder of the African Export-Import Bank (Afreximbank) after acquiring shares in the institution, marking a significant step in its efforts to bolster economic integration and reconstruction.
According to a statement released by the bank on Monday, Libya finalised its share purchase on 13 May 2025, reinforcing its commitment to regional trade and investment initiatives.
Libya had previously acceded to Afreximbank’s Establishment Agreement in October 2024, becoming the 52nd African nation to join the continental multilateral bank.
By acquiring shares, Libya has transitioned from a participating state to a full shareholder, granting it greater influence in bank operations and access to critical financial instruments aimed at economic development.
Speaking on Libya’s accession, Afreximbank president Benedict Oramah highlighted the potential impact of Libya’s participation on reconstruction efforts.
“Libya’s shareholding in Afreximbank puts the Bank in a strong position to support the government’s reconstruction efforts while also helping to deepen its regional connectivity through investments in critical projects such as the oil pipeline and road projects between Egypt and Libya, and the electricity transmission and linkage project covering Libya, Tunisia, and Algeria.”
Oramah commended Libya’s commitment to Afreximbank, noting that its investment strengthens the bank’s capital base, expands its services and enhances its reach across the continent.
Libyan Finance Minister Khaled Al-Mabrouk Abdullah noted the importance of Libya’s partnership with Afreximbank in driving economic diversification and trade expansion.
““We regard this development as a critical step forward in Libya’s journey towards greater economic integration within the African continent,” Abdullah said, underscoring his country’s ambition to reclaim its role as a regional trading hub.
He affirmed that the collaboration would open doors for investment in infrastructure, trade facilitation and industrialisation, while strengthening Libya’s economic resilience.
Libya’s full membership in Afreximbank is expected to accelerate financial support for key national projects, bolster economic recovery and contribute to continental trade integration efforts.
JN/APA