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Kanayo Awani, Managing Director, Intra-African Trade Initiative, Afreximbank (left), with Trade With Africa Summit founder Toyin Umesiri at the Trade With Africa Summit in Chicago, U.S.

The African Export-Import Bank has postponed a proposed London initial public offering citing; ‘unfavourable market conditions’.

The financial institution was aiming to raise over $300 million to help finance the expansion, diversification, and development of African trade, particularly intra-African trade.

“Despite significant interest in the bank from investors, in light of unfavorable market conditions, (the bank) has decided to postpone the proposed initial public offering at this time,” it said in a statement.

The bank intended an initial public offering of global depositary receipts would trade on the main market of the London Stock Exchange.

Afreximbank strategy is anchored on four strategic pillars for the Afreximbank, namely: Intra-African Trade; Industrialisation and Export Development; Trade Finance Leadership; and Financial Soundness and Performance.

Afreximbank is owned by 51 African States. It said it will “continue to monitor the markets to find the appropriate window to launch its offering”.