{"id":5130,"date":"2017-07-08T11:25:49","date_gmt":"2017-07-08T11:25:49","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/?p=5130"},"modified":"2017-07-08T11:25:49","modified_gmt":"2017-07-08T11:25:49","slug":"tony-elumelu-lauds-afrexim-bank-for-contributions-to-cross-border-trade","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/tony-elumelu-lauds-afrexim-bank-for-contributions-to-cross-border-trade\/","title":{"rendered":"Tony Elumelu Lauds Afrexim Bank for Contributions to Cross-border Trade"},"content":{"rendered":"

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Tony Elumelu<\/figcaption><\/figure>\n<\/div>\n

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\u00a0\u2022 Urges other DFIs to support African businesses.<\/i><\/b>\u00a0 \u00a0\u00a0<\/b><\/p>\n

At the just concluded Annual General Meeting of the African Export-Import Bank (Afreximbank) held in Kigali, Rwanda, the Chairman of Heirs Holdings and the Tony Elumelu Foundation, Mr. Tony Elumelu congratulated Afrexim for the critical support that the bank, led by the President, Dr. Benedict Oramah, provides for African businesses and its significant contribution to the development of cross-border trade and investment in Africa.\u00a0<\/em><\/p>\n

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Elumelu highlighted the role of African institutions, such as Afrexim, commenting that the bank\u2019s mission was further evidence of Africa\u2019s own ability to provide long-term, strategic financing<\/a> to Africa\u2019s economic and social development, said a statement from Heirs Holdings at the weekend.<\/p>\n

\u201cAfrexim brings a unique and highly relevant perspective to the challenge of supporting intra-African trade flow and ensuring value is created in and exported from our continent,\u201d said Elumelu. \u201cI urge other development finance institutions, particularly the bank\u2019s African peers, to follow its example in providing transformational forms of funding<\/a> to African businesses.\u201d<\/p>\n

Elumelu, who spoke at the 24th AGM of the bank on \u201cCross-Border Investments as a Driver of Intra-African Trade and Industrialisation: Reflections from a Continental Business Leader\u201d, championed the agenda of the private sector, as the key contributor to Africa\u2019s ability to attract and implement sustainable investment.<\/p>\n

The founder of Heirs Holdings cited his own approach to long-term investment in critical sectors such as power, finance and resources, across twenty African countries.<\/p>\n

According to him, Africa must grow cross-border trade and investment and attract both local and international investors.<\/p>\n

\u201cInvestment is not just about profit and returns. It is also about sustainability,\u201d he explained. \u201cWhat I want to see is Africans investing in Africa.<\/p>\n

\u201cWe appreciate and welcome partnerships, but there is a generation of African businessmen and women, who have the capability and ambition to lead<\/a> and transform Africa\u2019s future. Let your money work in Africa,\u201d he said.<\/p>\n

Elumelu also highlighted the importance of entrepreneurship. \u201cWe know the challenge and potential of Africa\u2019s demographic explosion. That is why the Tony Elumelu Foundation is catalysing 1,000 entrepreneurs each year, with the objective of assisting 10,000 entrepreneurs over 10 years. Invest<\/a> in the future, our youths,\u201d he told delegates.<\/p>\n

The meeting also witnessed the signing of a $100 million facility between Afrexim and Heirs Holdings.<\/p>\n

This initial transaction between Heirs Holdings and Afrexim, said Elumelu, \u201cis just the beginning and a clear indication of the intent and capacity of both parties to identify means to grow Africa\u2019s wealth and create sustainable business opportunities over time. We welcome this and hope this serves as an example to others\u201d.<\/p>\n

Elumelu tasked more African Development Institutions to fund intra-Africa trade and businesses in a manner that will boost and embolden African business leaders and facilitate further development of Africa\u2019s economy.<\/p>\n

The $100 million facility is meant to further support Heirs Holdings\u2019 cross-border investment programme.<\/p>\n

Heirs Holdings is a pan-African investment proprietary holding company with a portfolio of investments in 20 African countries, in key sectors of the African economy comprising energy<\/a>, financial services, real estate<\/a> and hospitality.<\/p>\n

Elumelu commented further that support from African Direct Foreign Investments (DFIs) like the Afreximbank was often symbolic \u2013 being less about the size of the cheque and more often because such support acts as a catalyst to other providers of investible capital.<\/p>\n

He concluded by calling for African leaders doing businesses across borders to build legacies and focus on corporate governance while building businesses that last.<\/p>\n

\u201cIt\u2019s all about the legacy. We need to think about how history will judge us,\u201d he stated.<\/p>\n

Themed \u201cTrade and Economic Transformation\u201d, this year\u2019s Afrexim AGM gathered top level leaders from the public and private sectors, African Ministers of Finance, Trade and Investment, central bank governors and senior government officials in a series of panel discussions to grow intra and extra-regional trade in Africa.<\/p>\n

The meeting was opened by the Rwandan President, Mr. Paul Kagame, who invited Africans present to invest in Rwanda. Other guests at the event included former President Olusegun Obasanjo and President of the African Development Bank (AfDB), Dr. Akinwumi Adesina.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

  Tony Elumelu \u00a0\u2022 Urges other DFIs to support African businesses.\u00a0 \u00a0\u00a0 At the just concluded … Tony Elumelu Lauds Afrexim Bank for Contributions to Cross-border Trade<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":5131,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[449,519,4751,15230,524,450,1399,1331,1231,41,84,15282,448],"class_list":["post-5130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-afrexim-bank","tag-africa","tag-amazing","tag-amazon","tag-continent","tag-cross-border-trade","tag-development","tag-finance","tag-foundation","tag-property","tag-real-estate","tag-ross","tag-tony-elumelu"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/07\/Tony-Elumelu.jpg?fit=696%2C465&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":5160,"url":"https:\/\/amazingproperty.com.ng\/blog\/africa-needs-to-work-closer-together-on-climate-action\/","url_meta":{"origin":5130,"position":0},"title":"\u2018Africa needs to work closer together on climate action\u2019","author":"Amazing Property","date":"July 3, 2017","format":false,"excerpt":"\u00a0 African countries must work closer together when implementing national climate action plans under the Paris Climate Change Agreement and mobilizing climate finance, whilst better integrating climate action into sustainable development planning. 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