by Niyi Jacobs
African Export-Import Bank (Afreximbank) has received an ‘AAA/Stable’ rating from China Chengxin International Credit Rating Co., Ltd (CCXI), marking a significant milestone as the first African Multilateral Financial Institution (MFI) to attain this top credit rating in the Chinese market.
In its 2024 Credit Rating Report, released in Beijing on 15 January, CCXI highlighted Afreximbank’s strategic positioning, robust risk management, adaptability, strong profitability, and prudent liquidity management as key strengths underpinning the rating.
The report noted the Bank’s high current asset coverage ratio over short-term debts, underscoring its financial resilience.
CCXI acknowledged Afreximbank’s critical role in advancing Africa’s development. “The Bank’s strategic relevance, ability to execute its mandate, and consistent support for member states during challenging times ensure its ratings will remain stable over the next 12 to 18 months,” the report stated.
Denys Denya, Afreximbank’s Senior Executive Vice President, celebrated the achievement, calling it the strongest endorsement the Bank has received.
“This AAA rating is a testament to our systemic relevance, developmental impact, and prudent financial practices. It opens new doors for raising competitively priced capital in China and diversifying our funding partnerships,” he said.
Mr. Denya reaffirmed the Bank’s commitment to fostering China-Africa trade and investment, emphasizing its role in driving the African Union’s strategic economic initiatives.
The rating positions Afreximbank to further integrate Global Africa and bolster its efforts to deliver on its developmental mandate across the continent and beyond.
