The Plenary of the House of Representatives has mandated its Committee on Banking and Currency and Judiciary to scrutinize a legislation seeking the establishment of the African Export-Import Bank (AFREXIMBANK) in Liberia.
“I am pleased to resubmit to your Honorable Body for ratification a bill titled: An Act ratifying the agreement for the establishment of the African Export-Import Bank (AFREXIMBANK), which was submitted by my predecessor, Madam Ellen Johnson Sirleaf, on 27 November 2017, reference EJS/MOS/RL/645 2017,” President Weah noted.
In the letter of transmission, read during the House of Representatives Tuesday session, the Chief Executive indicated that AFREXIMBANK is a Pan-African Financial Institution founded in October 1993 to accelerate the growth of trade in Africa.
According to the Liberian Leader, it has a mandate to finance and promote intra and extra-African trade through credit (trade and project financing), risk bearing (guarantees and credit insurance); and trade information and advisory services.
The President went on to acknowledge that the Country stands to benefit from the bank’s support in the development of the Country’s financial markets; facilitation of trade beyond the extractive sector; and attraction of foreign exchange, among others.
“Honorable Speaker, as we seek to build a strong and vibrant financial system that will support private sector development and inclusive economic growth, I ask the Legislature to ratify this legal instrument for the establishment of the African Export-Import Bank in Liberia “.
Following the reading of the President’s communication, plenary unanimously agreed to forward the communication to the committees on Banking and Currency and Judiciary to scrutinize it and report to Plenary within two weeks.