Afreximbank deepens drive to develop African businesses, signs $600m finance agreement

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THE African Export-Import Bank (Afreximbank) has reiterated its commitment to deepen its drive to facilitate the growth of intra-Africa trade and support the development of African businesses.

Prof. Benedict Oramah, the bank’s President said this in a statement signed by the Head of Media of Afreximbank, Mr Obi Emekekwue on Wednesday in Abuja.

To further drive its mandate, Oramah said that the bank on Tuesday in Cairo signed a financing facility totaling 600 million dollars with the Heirs Holdings Group, a pan-African proprietary investment holding company.

The News Agency of Nigeria (NAN) reports that Heirs Holdings positions itself as an African leader in integrated natural resources.

It has significant investments across Africa in the financial services, resources, real estate and hospitality and power sectors, plans to deploy the facilities to further support its power, oil and gas strategy.

Afreximbank’s president represented the Bank, while Tony Elumelu, Chairman of Heirs Holdings, represented the group during the signing at the inaugural Intra-African Trade Fair (IATF) in Cairo.

Oramah welcomed the continuing strong relations with Heirs Holdings and commended its potential role in addressing some of the fundamental challenges that had affected the power and energy sectors in Africa.

In his remarks, the Chairman of Heirs Holdings, said the proceeds of the facilities would support the Group’s vision of creating a dynamic resource-based division focused on ensuring value creation on the African continent.

He said it would also ensure the development of value chains that directly benefit the broader African economy and consumer.

“We are delighted to be partnering with Afreximbank, the Bank continues to play a critical role in the economic and social development of the continent.

“Together, we illustrate that Africa can create World class institutions capable of successfully making the long-term investments necessary for Africa’s economic transformation and catalyse the enabling environment that will unleash Africa’s potential,” Elumele said.

The IATF, organised by Afreximbank in collaboration with the African Union, and hosted by the Government of Egypt, will end on Dec. 17.

It is expected to attract about 70,000 visitors, transactions worth about 25 billion dollars are expected to be concluded at the IATF which has almost 1,100 registered exhibitors from 42 countries

 

-NAN

BE

– Dec. 12, 2018 @ 15:05 GMT |

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