Foreign Minister Ibrahima Khalil Kaba signed the agreement establishing the Fund for the Development of Exports in Africa (FEDA), on behalf of the Republic of Guinea. Following Rwanda in November 2020 and Mauritania in January 2021, Guinea becomes the third nation in Africa to sign the settlement agreement.

Signed on 31 March, the establishment agreement makes Guinea the third country in Africa to approve the creation of FEDA, a subsidiary of the African Export-Import Bank (Afreximbank). In a statement issued on Monday (May 17th), Afreximbank said that to finalise the process of legal creation of the FEDA, two member states must sign and ratify the agreement.

"Afreximbank is very pleased with the signing of the Agreement establishing the FEDA by the Republic of Guinea, marking another important step in the process of establishing the FEDA. This provides the necessary impetus to support the establishment of FEDA as a new multilateral development platform on the continent," commented Professor Benedict Oramah, Chairman of Afreximbank and Chairman of the FEDA Board of Directors. The signing of the agreement by Guinea, Afreximbank points out, is a very important step as it accelerates the completion of legal creation procedures.