By Wilfred S. Gortor
MONROVIA, June 19 (LINA) – An Act seeking to ratify the agreement to establish the African Export-Import Bank (AFREXIMBANK) has been resubmitted to the National Legislature by President George Manneh Weah for ratification.
The Act was previously submitted by President Ellen Johnson Sirleaf in November 2017, according to a communication accompanying the agreement to the Legislature.
AFREXIMBANK is a Pan-African financial institution founded in October 1993 to accelerate the growth of trade in Africa.
It has a mandate to finance and promote intra and extra-African trade through credit (trade and project financing); risk bearing (guaranteed and credit insurance); and trade information and advisory services.
The AFREXIMBANK Act, which was resubmitted by the Liberian leader to the House of Representatives on Tuesday, will aid Liberians through benefits from the bank’s support in development of Liberia’s financial markets.
It will also help Liberia in the facilitation of trade beyond the extractive sector and attract foreign exchange, among others.
President Weah urged the House to ratify the Act as Liberia seeks to build a strong and vibrant financial system that will support private sector development and inclusive economic growth.
Meanwhile, the House has forwarded the Act to its Committees on Banking and Currency and Judiciary for evaluation and to subsequently report to the body.