Guinea Signs Establishment Agreement of Fund for Export Development in Africa
Guinea has signed the Agreement for the Establishment of the Fund for Export-Development in Africa (FEDA), a development impact-oriented subsidiary of the African Export-Import Bank (Afreximbank).
The country becomes the third signatory of the Establishment Agreement after Rwanda in November 2020 and Mauritania in January 2021. To complete the FEDA Legal Establishment process, two Afreximbank member states are required to sign and ratify the Establishment Agreement.
The Establishment Agreement grants FEDA legal capacity to conduct business in its own name as an international organisation with privileges and immunities accorded to other Multilateral Financial Institutions on the continent.
FEDA was established by Afreximbank to catalyse foreign direct investment flows into Africa’s trade and export sectors and to fill the equity funding gap of $110 billion per annum in the areas of Intra-African trade and Export Development.
