The Fund for Export Development in Africa (FEDA) announced on Monday that Senegal and Liberia have acceded to its Establishment Agreement while Zimbabwe and Angola have ratified it, expanding the Fund’s membership to 24 countries.
FEDA, the equity investment arm of the African Export‑Import Bank (Afreximbank), said the accessions and ratifications open opportunities for investment in strategic sectors, including logistics, agro‑processing, energy, manufacturing, financial services and mineral processing.
George Elombi, President and Chairman of both Afreximbank and FEDA board of directors, said the growing membership reflects the confidence of African governments in the fund and their commitment to mobilising African capital for development.
“These latest membership milestones demonstrate the growing confidence of African governments in the institutions they own and control and their commitment to building strong institutions capable of mobilising and deploying African capital for Africa’s development,” Elombi said.
FEDA Chief Executive Emmanuel Assiak said the expanded footprint would translate into investments that strengthen local and regional value chains and deliver sustainable economic impact.
“Senegal, Liberia, Angola and Zimbabwe each offer compelling opportunities for investment across strategic sectors of their economies,” he said.
“We look forward to translating this expanded footprint into investments that strengthen local and regional value chains, support competitive African businesses and deliver sustainable economic impact.”
FEDA is designed to address the continent’s chronic shortage of equity capital by supporting businesses and projects with strong commercial fundamentals and measurable development outcomes.
Its growing membership base is expected to catalyse industrialisation and strategic investments across Africa.
The fund provides equity, quasi‑equity and other forms of patient capital to projects that advance economic diversification, regional integration and export development.
Over the past five years, Afreximbank has increased its commitment to FEDA from US$100 million to US$1.3 billion, enabling the Fund to expand activities across more regions and sectors.
JN/APA