Adoption of the Draft Law on the Ratification of an Establishment Agreement of the African Import and Export Bank at the Burundian National Assembly – Magara Times

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The Burundian National Assembly analyzed and adopted on Thursday the draft law ratifying an agreement to create the African Export and Import Bank AFREXIM BANK, in which the country will participate with shares in the amount of 3 billion Burundian francs.

The Minister of Finance Domitien NDIHOKUBWAYO was at the National Assembly to provide clarification to the deputies in relation to the benefits that Burundi will draw from the African bank of the import – export as long as each country that has ratified the agreement to create this bank must give an amount of more than 3 billion 900 million fbu as initial action to become a full member.

Domitien NDIHOKUBWAYO specified that this bank bring added value to Burundi's economy. And that Burundi's participation in this bank will be progressively revised upwards to make a lot more profits since the dividends are proportional to the number of shares held in the bank.

The Minister of Finance also specified that the identified priority projects are imports through credit lines, modernization of agriculture, development of internal trade and industrialization.

Note that this bill was passed unanimously. Out of 106 deputies 95 were present and 11 had sent their proxies.

Note also that the headquarters of this African import-export bank is in Cairo, Egypt, and the countries that are already members are Cameroon, Kenya, Uganda, Congo Brazzaville, Gabon, Tanzania and Rwanda

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