Guinea-Bissau has become the 37th member of the African Export-Import Bank (Afreximbank).

The West African country is now eligible for the direct credit provided by the bank, which enjoys preferred creditor status in member countries. Afreximbank also acts as a lender of record in syndicated loans and to attract international investors to lend to African entities.

Guinea-Bissau is one of the world’s least developed nations. Membership in Afreximbank could help boost the country’s economy, which mostly relies on exports of cashew nuts and other agricultural products to India and Nigeria.

Set up in Nigeria in 1993 and headquartered in Egypt, Afreximbank comprises African governments, African private and institutional investors as well as non-African financial institutions and private investors with the goal of facilitating trade within Africa and between African countries and the rest of the world.

The authorised share capital of the bank is US$5 billion.