Egypt: Afreximbank re-appoint President

Egypt: Afreximbank re-appoint President

by / Comments Off / 37 View / 20th August 2010

Jean-Louis Ekra has been re-appointed the head of Afreximbank, he will be serving his second term. Shareholders unanimously re-appointed Ekra because of what they deemed to be his demonstration of incredible leadership during the unpredictable global recession.

Advocates maintain that Ekra has brought a sense of stability for the company during turbulent times. Earlier this year, shareholders resolved an on-going dispute and Ekra has since been applauded for his conduct throughout negotiations.

In ‘09, total loans for the company rose while total assets increased impressively. Net income reached US$42 million, representing a year on year increase of 10% over ‘08.

Ekra’s re-appointment, which took place in July, was also marked by the meeting of the Bank’s advisory group on trade finance and export development in Africa. The group’s decision subsequently highlighted the effects of the global economic crisis, access to trade finance and trade diversification.