By: Nana Appiah Acquaye
African
Export-Import Bank (Afreximbank) has officially terminated its credit rating
relationship with Fitch Ratings, the Bank announced on Friday, 23 January 2026.
The
decision follows an internal review, with Afreximbank stating that the Fitch
credit rating process no longer reflects a full understanding of the Bank’s
Establishment Agreement, its mandate, and its mission. The Bank emphasized that
its business profile remains robust, supported by strong shareholder
relationships and the legal protections embedded in its Establishment
Agreement, which has been signed and ratified by its member states.
For
over 30 years, Afreximbank has financed and promoted intra- and extra-African
trade through innovative financing structures that accelerate industrialization
and support regional economic growth. The Bank has been a key driver of the
African Continental Free Trade Agreement (AfCFTA), launching the Pan-African
Payment and Settlement System (PAPSS), adopted by the African Union to
facilitate trade settlements across the continent. It has also established a
US$10 billion Adjustment Fund to support countries participating in the AfCFTA.
As
of December 2024, Afreximbank’s total assets and contingencies stood at over
US$40.1 billion, with shareholder funds amounting to US$7.2 billion. The Bank
continues to hold investment-grade ratings from GCR (A), Moody’s (Baa2), China
Chengxin International Credit Rating Co., Ltd (AAA), and Japan Credit Rating
Agency (A-).
Headquartered
in Cairo, Afreximbank operates as a group entity comprising the Bank itself,
its equity impact fund subsidiary Fund for Export Development Africa (FEDA),
and its insurance management subsidiary AfrexInsure. The Bank affirmed that it
remains committed to supporting Africa’s trade and economic development through
its strategic initiatives.
