Afreximbank Receives ‘AAA/Stable’ Rating from China Chengxin International Credit Rating Co.
African Export-Import Bank (Afreximbank) has recently been awarded an ‘AAA/Stable’ credit rating by China Chengxin International Credit Rating Co., Ltd (CCXI), solidifying its position as a leading Multilateral Financial Institution (MFI) in Africa. This prestigious rating makes Afreximbank the first African MFI to achieve an AAA rating from CCXI.
The 2024 Credit Rating Report released by CCXI in Beijing on 15 January highlighted Afreximbank’s exceptional strategic positioning, robust risk management system, agility in business generation, strong profitability, and prudent liquidity management as key strengths contributing to the rating. The report also emphasized the Bank’s ability to meet the needs of member states at different development stages, even in challenging times.
Denys Denya, Afreximbank’s Senior Executive Vice President, expressed his delight at the rating, noting that it signifies a significant endorsement from a credit rating agency and positions the Bank as a top-rated African MFI in the Chinese market. He attributed this achievement to the Bank’s strong delivery of its developmental mandate, prudent risk management practices, and focus on capital and liquidity.
The ‘AAA’ credit rating provides assurance to Afreximbank’s funding partners in China, enabling the Bank to raise capital on competitive terms and pursue its developmental objectives. With assets growing by 28% since 2019 and a return on average equity of 11%, Afreximbank has demonstrated its financial strength and stability, supported by its shareholders.
Afreximbank plans to diversify its funding base by tapping into new debt capital markets, following the success of its inaugural Samurai bond issuance in 2024. The Bank aims to explore opportunities in the Chinese Panda bond market in 2025 to facilitate trade and investment between China and Africa.
As a staunch supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank continues to play a pivotal role in promoting intra-African and extra-African trade, accelerating industrialization, and boosting economic growth on the continent. The Bank’s innovative financing solutions and strategic partnerships underscore its commitment to transforming Africa’s trade landscape.
For more information about Afreximbank and its initiatives, visit www.Afreximbank.com. Stay connected with Afreximbank on X, Facebook, LinkedIn, and Instagram for the latest updates on trade and development in Africa.
