By Reuters
South Africa moved closer to becoming a full sovereign member of the Africa Export-Import Bank, the continent’s leading provider of trade finance, after the cabinet gave its approval to the plan, the government said on Thursday.
Membership of Afreximbank, as the lender with a balance sheet of $35 billion is known, would give Africa’s most advanced economy access to new trade investment products when its tariff row with the United States has increased its need for new export markets.
Afreximbank has, however, in recent months been in a dispute over whether its loans to African nations should be restructured in the event of defaults.
The government said it would get a class A shareholding, meaning it would have an increased role in Afreximbank’s governance.
That would include “influence over its strategic direction, structure and leadership appointments,” it said in a statement containing cabinet decisions.
The government did not give a timeframe on
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