The Fund for Export Development in Africa (FEDA), the development impact investment arm of African Export-Import Bank (Afreximbank), has officially welcomed the Republic of Malawi as its newest member under the FEDA Establishment Agreement.
With Malawi’s inclusion, FEDA’s membership now encompasses eighteen African nations, marking a significant milestone in expanding its regional influence and support.
Malawi’s accession comes on the heels of other recent memberships, including Benin, Nigeria, Ghana, Egypt, and Equatorial Guinea, illustrating a surge in FEDA’s pan-African commitment.
FEDA’s overarching mission is to provide long-term capital to African economies, targeting areas such as industrialization, intra-African trade, and the development of value-added exports.
Professor Benedict Oramah, President of Afreximbank and Chairman of both Afreximbank and FEDA, expressed enthusiasm about the development, stating, “We welcome the Republic of Malawi to the growing FEDA family. This step lays the groundwork for enhanced cooperation and grants the country access to the full range of interventions offered by the Afreximbank Group.”
Professor Oramah highlighted the Magwero Industrial Park project as a prime example of the benefits of Malawi’s FEDA membership. This project, spearheaded by Arise IIP in collaboration with Afreximbank and FEDA, aims to boost Malawi’s manufacturing and export potential.
FEDA’s CEO, Marlène Ngoyi, emphasized the organization’s commitment to supporting strategic projects within Malawi, particularly those that drive industrialization and economic diversification.
She noted, “FEDA will continue to support Malawi to foster an environment that promotes value-added production.”
Alongside Malawi’s partnership, FEDA has undertaken several key investments this year, including a USD 300 million boost for Arise Integrated Industrial Platforms (Arise IIP) and a strategic investment in Team Drogba, a competitor in the all-electric E1 Series boat racing championship, further showcasing its dedication to African economic advancement.