Malawi Joins Afreximbank's Fund for Export Development in Africa, Expanding Regional Support

The Fund for Export Development in Africa (FEDA), the impact investment branch of the African Export-Import Bank (Afreximbank) (www.Afreximbank.com), has welcomed the Republic of Malawi as its newest member, marking a significant step forward in the Fund's expansion.

With Malawi's accession, FEDA now has eighteen participating countries, showcasing its increasing influence and support across the continent. This milestone follows recent memberships from countries such as Benin, Nigeria, Ghana, the Arab Republic of Egypt, and Equatorial Guinea, underscoring the Fund's momentum.

The addition of new members is vital for enhancing FEDA's initiatives, as it seeks to provide long-term capital to boost African economies, emphasizing industrialization, intra-African trade, and value-added exports. The rapid growth of FEDA reflects the robust confidence and backing from African nations in its mission and goals.

 Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, commented: "We welcome the Republic of Malawi to the growing FEDA family. This step lays the groundwork for an enhanced and more effective cooperation and gives the country better access to the full range of interventions offered by Afreximbank Group. The dividends of Malawi’s accession are best illustrated by the launch of the Magwero Industrial Park project, being developed by Arise IIP in collaboration with Afreximbank and FEDA. The project which aims to unlock Malawi’s manufacturing export potential represents a significant investment in the country.”

Marlène Ngoyi, Chief Executive Officer of FEDA, said: “The signing of the FEDA Establishment Agreement builds on FEDA’s investment in strategic projects in Malawi, through Arise IIP, that aim to promote industrialisation, intra-African trade and value-added exports. FEDA will continue supporting Malawi to foster an environment that promotes economic diversification and enhances value-added production.”

FEDA’s recent key strategic investments across the continent, include a further USD300 million capital injection in Arise Integrated Industrial Platforms (Arise IIP) in October 2024, its strategic investment in Team Drogba, competing in the inaugural E1 Series, the world’s first-ever all-electric boat racing championship and the partnership with the Republic of Malawi in June 2024 to develop the Magwero Industrial Park to expedite Malawi’s industrialization process.