President George Manneh Weah has resubmitted to the House of Representatives for ratification a bill titled an Act Ratifying the Agreement for the establishment of the African Export-Import Bank.
The Act was earlier submitted by Mr. Weah’s predecessor Madam Ellen Johnson Sirleaf on 27 November 2017, referenced “EJS/MOS/RL/645 2017.” The AFREXIMBANK is a pan-African financial institution founded in October 1993 to accelerate the growth of trade in Africa.
It has mandates to finance and promote intra and extra-African trade through credit (trade and project financing), risk bearing (guarantees and credit insurance) and trade information and advisory services.
According to a communication sent to the House of Representatives by the president, the country stands to benefit from the bank’s support in development of financial markets, facilitation of trade beyond the extractive sector and attraction of foreign exchange among others.
He says as he seeks to build a strong and vibrant financial system that will support private sector development and inclusive economic growth, he asks the Legislature to ratify this legal instrument for the establishment of the African Export-Import Bank in Liberia.
Meanwhile the House of Representatives has forwarded the communication to the House Committees on Banking and Currency and Judiciary to report within two weeks.
By Bridgett Milton–Edited by Winston W. Parley