Chad is to become Afreximbank’s 38th participating state. Upon signing the instrument of accession, Chadian entities in both the public and private sector will be able to access services, programmes and facilities offered by the bank.
Afreximbank President Benedict Oramah welcomed Chad’s membership, urging the country to move quickly to conclude the ratification process and to subscribe to shares in the bank. Only then will the bank be allowed to start providing financing support to Chadian entities.
In fact, under the terms of the 1993 Abidjan Agreement regulating the bank’s works, aspiring new member countries are required to first issue an instrument of acceptance and accession and then to ratify the establishment agreement to fully activate their membership of the bank.
“The Chadians have undertaken to take the necessary steps to carry out the ratification. We cannot, however, predict how quickly they will conclude the process. We will be able to provide financing to Chadian entities once they complete that process,” an Afreximbank spokesperson tells GTR.
Chad membership follows that of Guinea-Bissau, which became Afreximbank’s 37th participating country in February 2015.