Global Credit Ratings (GCR) has affirmed African Export-Import Bank’s (Afreximbank) international scale long and short-term issuer ratings of A and A2 respectively, while revising the outlook to ‘Rating Watch Evolving’ from ‘Stable’.
The affirmation reflects GCR’s assessment of Afreximbank’s strong counter-cyclical mandate with an exceptional track record, the Bank’s sound capitalisation, resilient profitability, diversified funding profile, and prudent liquidity management. The ratings also factor in a very diverse shareholding base, restrained by exposure to high-risk operating environments and the risk of soft market confidence. The revised outlook reflects how changing economic conditions, regional markets, and the credit climate could affect the Bank’s future rating.
Following recent ratings actions by international ratings agencies, GCR noted that Afreximbank’s preferential treatment remains strong as evidenced by priority repayment even during sovereign distress. The Rating Watch Evolving underscores emerging downside risks related to heightened uncertainty stemming from sovereign debt restructurings and ambiguity around the enforceability of PCS under the G20 Common Framework. GCR expects the Bank to continue successfully fulfilling its mandate and maintain robust liquidity.
Mr. Denys Denya, Afreximbank’s Senior Executive Vice President, said, “The affirmation of our ‘A’ rating reinforces the Bank’s financial strength and the confidence of the market in our strategic relevance to Africa’s trade and development agenda. It further highlights the dynamic environment in which we operate and underscores the importance of maintaining disciplined risk management and balance sheet strength while continuing to deliver transformative impact across the continent.”
This latest rating action comes as Afreximbank continues to strengthen its position as one of Africa’s most strategically significant financial institutions. The Bank has grown its total assets and contingencies to over US$40.1 billion, substantially enhancing its capacity to support large-scale trade and infrastructure projects, critical to the continent’s industrialisation and economic integration. With shareholder funds topping US$7.2 billion, Afreximbank’s resilience to market volatility and credit standing has been strengthened in an increasingly complex global financial environment.
The combination of Afreximbank’s robust financial metrics, strategic positioning within Africa’s evolving trade landscape, and its role in developing critical financial infrastructure positions the institution as a cornerstone of the continent’s economic development agenda. As regional integration accelerates and trade patterns continue to evolve, the Bank’s comprehensive approach to financing, infrastructure development, and policy support demonstrates its commitment to facilitating Africa’s integration into global markets while strengthening intra-continental economic ties.
About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
