01/23/2024 | Press release | Distributed by Public on 01/23/2024 02:56
Cairo, 23 January 2024: - African Export-Import Bank (Afreximbank) regrets to announce the recent passing of Mr. Gamal "Jimmy" Moharam after a protracted illness. Until his demise, Mr. Moharam was the former Chairman of the Egyptian Factoring Association, former Chairman & Managing Director of Cairo Factors (June 2013 - April 2022), leading executive member of the FCI Africa Chapter Executive Committee and member of the FCI Ambassador programme. He was also founding member and past President of the American Chamber of Commerce (AmCham) Egypt.
Mr. Moharam played a pivotal role in the development and growth of factoring in Egypt notably advising and guiding prospective and new factoring companies and working with regulators to create a favourable climate for factoring to thrive in Egypt. Together with the Bank, FCI and other stakeholders, he co-organised and spoke at several factoring events in Egypt and beyond. The success of factoring in Egypt allowed many SMEs to access affordable finance that fuelled immense growth. As a result of his dedication, hard work and discipline, factoring companies and volumes grew significantly in Egypt.
In addition, he was extremely involved in driving Afreximbank's factoring strategy in the areas of financial intervention, legal and regulatory framework, awareness creation & capacity building, strategic partnerships and services.
As a result of his successes within the factoring industry, Mr. Moharam was regularly courted by regulators and factoring companies from many African countries to provide strategic guidance and advice on the setting up of factoring companies as well as best practices in navigating challenges inherent in the industry.
Mr. Moharam's career spanned several decades. He started out with successful stints at Citibank (1979-1981), Fleet Bank (1981-1986), BNY Mellon (1986-2002), and rose to become the Charman and CEO of Piraeus Bank (2002-2008). Until his passing, he led a group of advisory experts as Chairman of MGM Banking & Financial Consultants.
Our thoughts and prayers are with his family in this difficult time. He was very affable and will be dearly missed. May his soul find eternal rest.
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of September 2023, Afreximbank's total assets and guarantees stood at over US$33.4 billion, and its shareholder funds amounted to US$5.8 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, "the Group"). The Bank is headquartered in Cairo, Egypt.