Which African multilateral bank, founded in 1993, is headquartered in Cairo?
Answer
African Export-Import Bank
The African Export-Import Bank, commonly called Afreximbank, is headquartered in Cairo and was founded in 1993.
The bank was established to finance and promote trade within Africa and between African countries and the rest of the world. It was created under an agreement adopted by African governments and supported by the African Development Bank.
Afreximbank provides loans, guarantees, and other financial products for trade and development projects. Its work includes supporting intra-African commerce, export diversification, and the implementation of continent-wide trade initiatives.
Afreximbank is not the African Development Bank. The African Development Bank is a broader development-finance institution, while Afreximbank focuses particularly on trade finance and trade-related investment.