Afreximbank Signs 11 Agreements with African Entities
Afreximbank, the African Export-Import Bank, has signed 11 agreements with various African banks, companies, and entities. These agreements, totaling $688 million, aim to develop investment, trade, and infrastructure across the continent.
This development was announced during the Intra-African Trade Fair (IATF) 2023, a trade exhibition organized by Afreximbank in Cairo, running from November 9 to 15.
Key Agreements for Trade & Infrastructure Enhancement
Among these agreements is a $10 million deal with DH Bank Plc in Malawi for unsecured African trade exchange (ATEX) financing.
Additionally, a $141 million agreement with Exodus and Company Private Limited in Zimbabwe will facilitate investment in infrastructure.
Afreximbank also signed a $55 million financing deal with BANCOBU, a commercial bank in Burundi, aimed at funding essential goods imports. Another agreement, valued at $40 million, was made with BCB in Bujumbura, Burundi, to facilitate the import of strategic products.
Mining Development Initiatives
A $75 million agreement with Lilium Gold will provide facilities for trade financing and infrastructure development in Burkina Faso’s mining sector.
Moreover, a financing provision agreement of 114 million euros ($150.65 million) with Nigeria’s Ora SPV/Vista Group is also part of the agreements.
Research, Education, Investment Partnerships
Afreximbank has signed an agreement with the International Center for Regional Integration and Trade Research (ICRITR). This agreement aims to conduct research and consultations to enhance capabilities within Africa.
Afreximbank also inked a memorandum of understanding with a Nigerian university in the field of training and a 113 million euro ($120.73 million) financing agreement with ADI SPV Vista Bank Nigeria to encourage investment in Africa.
Mining & Project Quality Enhancements
Afreximbank’s agreement worth $96 million investment in a Congolese iron ore mine with Sapro Mareco will boost national production.
Additionally, a partnership with ARISE IIP aims to improve and ensure the quality of projects and centers in Benin and Gabon.
Afreximbank President’s Vision for Intra-African Trade
Benedict Oramah, President of Afreximbank, spoke at the Cairo trade forum, emphasizing the bank’s goal to increase funding to support intra-African trade.
He also announced the launching of Nigeria‘s largest refining and petrochemical project, producing 650,000 barrels per day. This project, studied and developed entirely by African expertise without foreign assistance, symbolizes the collective efforts of Afreximbank members.
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