The Fund for Export Development in Africa (FEDA) says it has expanded its membership to 24 countries after Senegal and Liberia acceded to the organisation’s establishment agreement.

FEDA, the equity investment arm of the African Export-Import Bank (Afreximbank), announced the development in a statement on Monday, stating that the addition of Senegal and Liberia to the organisation signifies its growing mandate across Africa.

FEDA also said Angola and Zimbabwe have ratified the establishment agreement, paving the way for the organisation to support local economies in both countries.

“These latest milestones further strengthen FEDA’s growing mandate across the continent and reflect its strategic importance to closing the equity funding gap on the continent,” the organisation said.

“The accession of Senegal and Liberia, which brings FEDA’s membership to twenty-four countries, together with the ratification of its Establishment Agreement by Zimbabwe and Angola, provides a stronger foundation for FEDA to support strategic industrial and critical mineral processing investment opportunities in these countries, including logistics, agro-processing, energy, manufacturing, financial services, and strategic mineral processing,” it added.

According to FEDA, the ongoing expansion will broaden its geographical scope and speed up its ability to deploy interventions to support long-term regional investments.

Commenting on the arrival of Senegal and Liberia, FEDA President George Elombi said the growth of the organisation will serve as a catalyst for industrialisation across Africa.

“These latest membership milestones demonstrate the growing confidence of African governments in the institutions they own and control and their commitment to building strong institutions capable of mobilising and deploying African capital for Africa’s development,” Mr Elombi, the chairman of both the board of directors of Afreximbank and FEDA, stated.

“As the Afreximbank Group pursues its African industrialisation agenda, FEDA’s equity and quasi-equity instruments will become critical to executing strategic industrial projects at national and regional levels. The growing membership of the fund will, therefore, help to catalyse such investments across the continent,” he added.