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Financial Cooperation: DG NSIF in Moscow

Noël Alain Olivier Mekulu Mvondo Akame attended the Annual Conference and General Assembly of the African Import and Export Bank (Afreximbank) held from 18 to 22 June 2019 in the Russian capital.

Organised on the theme: "Harnessing Emerging Partnerships in an Era of Rising Protectionism," the 26th Annual Meetings (Conference and General Assembly) of the African Import and Export Bank, Afreximbank raised, among other resolutions, that Africa should accelerate the achievement of its trade and economic integration within the framework of the African Continental Free Trade Agreement (AfCFTA) while opening to more intense trade and economic cooperation with the rest of the world. "The year 2019 marks a decisive turning point for the future of trade and finance in Africa and for building links with world leading powers. By meeting in this historic city, we will seek ways to shape the future of trade and transform our continent," said Benedict Oramah, President of Afreximbank, in his welcome address.

NSIF of Cameroon, attended for the first time since its acquisition of shares in this prestigious African financial institution in 2018. The Cameroonian Social Security Institution, as we know, has significant financial resources. The Top Manager expressed the NSIF's firm desire to make the most of its financial resources so as to enable the NSIF to meet its commitments. It has therefore opted to diversify its investments beyond its traditional assets of real estate and sovereign bonds. Hence the need for Noël Alain Olivier Mekulu Mvondo Akame to take part in this conference which focused on various technical topics, including the financing of exports from African countries, Africa's cooperation with Russia, the development of intra-African trade, the issue of debt by Eurobonds, the establishment of a payment platform in the African economic space, etc.

As for the General Assembly, it approved the accounts for the 2018 financial year, which resulted in a net profit of USD 69 million or about CFA francs 40 billion.

It should be noted that Russia is one of Afreximbank’s three international shareholders after India and China. The Russian State became the third international shareholder of Afreximbank on 29 December 2017, following the Agreement signed between the Pan-African Bank and the Russian Export Centre (REC), the public institution that supports the development of Russian exports excluding raw materials, under the supervision of the Development Bank of the Russian Federation.

Last modified onTuesday, 25 June 2019 08:24
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