In a statement published on June 8, the African export-import bank revealed the entry of Nigerian billionaire and Africa’s richest, Aliko Dangote, in its capital.

The move aims to allow the multilateral institution which focuses on the funding and promotion of intra and extra trade in Africa, to mobilize $1 billion to finance supply chains across the continent. “Working with the Dangote Group, we will build supply chain financing across Africa that could reach $1 billion in the short term, promoting intra-regional trade and growth of SMEs and creating much needed jobs,” said Benedict Oramah, Afreximbank’s president, in the statement.

“The massive investments the Group is making across Africa makes it a partner of choice in the delivery of our Intra African Trade Strategy,” added Mr Oramad highlighting that the investment of Dangote group was “a strong vote of confidence in the Bank by, arguably, the largest indigenous corporate in Africa”.

“I consider Afreximbank a good vehicle for fostering regional integration in Africa which aligns with our vision and mission for growth and development across the continent,” said Aliko Dangote, CEO Dangote Group. The amount and value of the investment of the Dangote group have not been disclosed by Afreximbank that just mentioned a “substantial investment”.

Afreximbank counts four types of shareholders, divided in c ategory A, B, C and D.

Category “A” includes African states, Central African Banks and Public African institutions of which the African Development Bank while category “B” includes financial instutions and private African investors. Category “C” includes non-African investors of which international banks and export credit agencies such as Standard Chartered Bank, HSBC Citibank, China Exim Bank and Exim Bank India. Category “D” was approved in 2012 and shares are fully transferred based on their nominal value and these can be detained by all types of investors.

Since it launched its activities in 1994, Afreximbank has lent more than $35 billion to financial institutions and companies from its member-states.