Guinea Bissau has become the 37th country to join the African Export-Import Bank (Afreximbank) as a participating state. It follows the Government’s signing of the bank’s Establishment Agreement, the financial institution announced this week.

Geraldo João Martins, the country’s Minister of Economy and Finance, signed the Establishment Agreement in Bissau on February 3, the bank said.

The West African country is the second Portuguese-speaking Country joining the Afreximbank. Angola became a member in January 1994.

Mozambique has a shareholding in the bank but has not yet completed all the formalities to become a fully-participating state, reported the Pan-African News Agency, also known as Pana.

Afreximbank was established in Abuja, Nigeria, in October 1993, by African governments, African private and institutional investors, and non-African investors.

The bank operates as a multilateral trade finance institution in Africa. The institution provides trade finance and facilitation services between African countries, as well as financial services for African countries trading with the rest of the world.