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The Fund for Export Development in Africa (FEDA), the private equity and impact investment arm of the African Export-Import Bank (Afreximbank), has expanded its continental reach after Senegal and Liberia acceded to its Establishment Agreement, while Angola and Zimbabwe ratified the accord.

The latest developments increase FEDA's membership to 24 countries and strengthen its capacity to channel long-term capital into strategic sectors across the continent, including industrial development, mineral processing, logistics, energy, agro-processing, manufacturing and financial services.

The expansion comes as African countries seek to bridge a persistent equity financing gap that has constrained investment in key sectors needed to drive economic diversification and export growth.

According to FEDA, the addition of Senegal and Liberia, combined with the ratification of the agreement by Angola and Zimbabwe, will provide a stronger platform for supporting investment opportunities in these markets, particularly in strategic industries capable of enhancing regional value chains and boosting industrialisation.

FEDA said its growing membership broadens the geographic scope of its investment activities and strengthens its ability to deploy patient capital through equity, quasi-equity and other long-term financing instruments. The fund focuses on supporting projects that promote regional integration, export development and sustainable economic transformation.

Commenting on the development, Dr George Elombi, President and Chairman of both Afreximbank and FEDA, said the growing membership reflects increasing confidence among African governments in home-grown financial institutions and their ability to mobilise capital for development.

He noted that FEDA's investment instruments would play an increasingly important role in financing strategic industrial projects as Afreximbank advances its agenda of accelerating industrialisation across the continent.

FEDA Chief Executive Officer Emmanuel Assiak said the expanded membership significantly increases the number of markets where the fund can pursue investment opportunities and deepen partnerships with governments and private sector stakeholders.

According to Assiak, Senegal, Liberia, Angola and Zimbabwe offer attractive investment prospects across several sectors, and the fund intends to leverage its expanded footprint to strengthen local and regional value chains, support competitive African enterprises and deliver long-term economic impact.

The membership expansion follows a significant increase in FEDA's investment capacity over the past five years. Afreximbank's commitment to the fund has risen from $100 million to $1.3 billion, providing additional capital to support a broader range of investments across Africa.

The development underscores growing efforts by African financial institutions to mobilise domestic capital and accelerate investment in sectors considered critical to economic diversification, industrial growth and export competitiveness.