Economy

Burundi to become member of AFREXIM-Bank soon

The National Assembly has analyzed and adopted a bill for Burundi to join the African Bank of Export-Import-AFREXIM-Bank. Domitien Ndihokubwayo, Finance Minister who presented the bill at the National Assembly says the bank will be of paramount importance for the country. “Economic operators will have facilities related to the importation of basic necessities and will benefit from the credits once Burundi becomes a member,” he says.

Domitien Ndihokubwayo: “The more shares a country has in the bank, the more likely it will be financed for investment projects”

Domitien Ndihokubwayo: “The more shares a country has in the bank, the more likely it will be financed for investment projects”

During the plenary sessions, MPs have raised concerns about the initial capital, partner states of the Bank and added values of the Bank.

Minister Ndihokubwayo has said Burundi will have a capital of more than BIF 3 billion with 100 shares. He also says Burundi’s participation in AFREXIM BANK will be progressively revised upwards to make much more profit since dividends are proportional to the number of shares held in the bank.“Note that the more shares a country has in the bank, the more likely it will be financed for investment projects, “he says.

According to the Finance Minister, the priority projects that have been identified are the support for priority import needs through credit lines; a program to revive and diversify the National Economy according to the priorities identified by the government. He also says the bank has made its commitment to make funding packages available on terms similar to those of countries having same difficulties as Burundi. “But this will be negotiated between the government officials and AFREXIM-Bank,” he says.

Domitien Ndihokubwayo says about 30 African countries have already ratified the AFREXIM-Bank agreement. Four EAC countries have already joined the Bank. At the top comes Uganda with 3317 shares followed by Kenya with 1333 shares, Tanzania with 742 shares and Rwanda with 235 shares.

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