Afreximbank to hold 27th AGM by Correspondence

May 13, 2020

By Adedapo Adesanya

The African Export-Import Bank (Afreximbank) has cancelled its 27th Annual General Meeting (AGM) on the grounds of the COVID-19 pandemic.

The Cairo-based institution in a statement said in its stead, the shareholders’ meeting would be done via correspondence, adding that other series of event build around the AGM will be suspended till further notice.

According to the bank’s president, Mr Benedict Oramah, the decision to hold the shareholders’ meeting by correspondence was made after careful consideration of all available options to ensure the bank complies with its governance requirements.

He announced that the seminars component of the 27th Annual Meetings, which were expected to be held from June 10 to 13, 2020, in Sharm El Sheikh, Egypt, were canceled in light of restrictions placed on travel and the need to ensure social distancing imposed by the COVID-19 pandemic situation.

“Our priority is to guarantee the well-being and comfort of our shareholders and partners which requires that we comply with health and safety protocols put in place by our host country,” he said.

Mr Oramah explained that these decisions, while difficult, were necessary and in line with the bank’s proactive efforts to combat the pandemic.

“As a leading pan-African institution, Afreximbank’s response strategy has been to lead by example in taking proactive and timely measures.

“We remain fully dedicated to supporting efforts to mitigate the adverse impact of the COVID-19 pandemic on African economies and its people.

“We will continue to be at the frontline with bold initiatives, forging global partnerships towards mitigating the health and economic consequences of the COVID-19 pandemic on Africa,” he explained.

The cancellation is not coming as a surprise since Afreximbank annual meetings are attended by business and political leaders and have been ranked among the most important gatherings of economic decision-makers in Africa.

However, with the risk associated with large gatherings due to the current global health emergency, banking industry professionals, trade and trade finance practitioners and other parties involved in economic development from across Africa and beyond have to settle with alternative meeting procedures.

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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