Browsing: Afreximbank

• Afreximbank and Nigeria’s Anambra State have partnered to advance the state’s “Smart Mega City” vision and foster economic growth in Africa.
• The partnership involves an MOU that seeks to offer project preparation and advisory services for state development.
• The collaboration opens the door to a potential debt financing of up to $200M, which could support the realization of transformative projects.
  

The African Export-Import Bank (Afreximbank) and Nigeria’s Anambra State have entered into an agreement to accelerate the region’s vision of becoming a “Smart Mega City”.

In an agreement signed during the Anambra Investment Summit, the partnership also underscores Afreximbank’s commitment to fostering economic growth and development across Africa.

The MOU, signed by Afreximbank’s Executive Vice President, Intra-African Trade Bank Kanayo Awani and the Governor of Anambra State, Charles Soludo, signifies a collaborative effort to drive state development through the provision of project preparation and advisory services. 

It also opens …

In a significant move to bolster Africa’s economic landscape, the China Development Bank (CDB) and the African Export-Import Bank (Afreximbank) have embarked on a collaborative journey in Cairo. The outcome of this partnership centers around a $400 million loan. The loan will catalyze the growth and prosperity of small and medium-sized enterprises (SMEs) across Africa.…

Djibouti is set to receive a $120 million loan from the African Export-Import Bank (Afreximbank) in a deal targeting projects that will accelerate the country’s economic growth. 

The financing, which will go to Djibouti’s Great Horn Investment Holding (GHIH) to execute projects in the country’s Damerjog Industrial Development Free Trade Zone,  is part of a total facility amount of $155 million. The remaining $35 million will be financed through Banque pour le Commerce et l’Industrie Mer Rouge of Djibouti. …

• To facilitate the execution of these projects, Afreximbank will collaborate with Arise IIP.
• In May, the lender rolled out a $3 billion program aimed at spurring Kenya’s economic growth.
• The plan will also include the establishment of the $600 million e-mobility manufacturing plant in Kenya.

African Export–Import Bank, popularly referred to as Afreximbank, has entered into an agreement with Kenya that will see the lender identify key economic projects that it will finance and manage.

Under the deal signed on May 2, 2023, Afreximbank, through its subsidiary, will conduct a comprehensive feasibility study on these proposed projects. It will them provide the necessary financing for their implementation.

One of the major focus of Afreximbank in Kenya is to provide funding for various special economic zones spread across different counties. The initiative is part of the broader industrial parks development and investment plan for Special Economic Zones (SEZs) in Africa.

“On …

• The three-year $3 billion programme will support viable trade and related investments in Kenya in both private and public sectors.
• It will be implemented using loans, guarantee facilities, trade services, investment banking and advisory services.
• The financing will also go to the creative arts sector through the Kenyan government’s youth empowerment programme.

The Afreximbank is rolling out a $3 billion program aimed at spurring Kenya’s economic growth. The three-year programme by the African Export-Import Bank will support viable trade and trade-related investments in Kenya’s private and public sectors. 

The financing will be implemented using several instruments including loans, guarantee facilities, trade services, investment banking and advisory services.

The memorandum was signed on 2 May 2023 in Nairobi by National Treasury Cabinet Secretary Professor Njuguna Ndungu alongside Afreximbank Chairman Professor Benedict Oramah in the presence of President William Ruto. 

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“This programme is a step forward in our economic …

• By 2050, a quarter of the world’s population (25%) will be in Africa
• Africa Investment Forum (AIF) raises US $31 billion in investment deals
• Only 33 of Africa’s 51 countries have signed the single passport protocol and only four have ratified it

Come 2050, a quarter of the world’s population (25%) will be in Africa, that in itself is a good enough reason to invest in Africa and for Africa to invest in education and workforce skill upgrade.

In fact, according to the African Development Bank (AfDB), there are two other factors that beg for increased investment in Africa. First the fact that Africa holds 65% of the world’s virgin arable land and second, Africa, by far, hosts the world’s biggest known sources of renewable energy.

As AfDB President Akinwumi Adesina put it, “the future of Africa lies in investments, not aid.”

Also Read: Africa shifting to private sector led

The forum is being organised by the government of Barbados and the African Export-Import Bank (Afreximbank) under the theme “One People, One Destiny: Uniting and Reimagining Our Future”.

Other conveners are the AfCFTA Secretariat, the Africa Business Council, the CARICOM Secretariat, and the Caribbean Export Development Agency.

The conference will give business communities in Africa and those in the Caribbean Community (CARICOM) region an opportunity to develop strategic partnerships and enhance bilateral cooperation in trade, investment, technology transfer, innovation, tourism, culture, and other sectors.…

• The Ghanaian parliament has approved a proposal by the government to borrow up to US$750 million from Afreximbank
• A seven-year portion of the loan is broken up into two parts: one for US$102.19 million with an interest rate of 6.49 per cent overall, including fees, and another for 101 million dollars with a rate of 9.55 per cent overall
• In June, Finance Minister Ken Ofori-Atta requested parliament to accelerate the authorisation of the loans

The Ghanaian parliament has authorised a proposal by the government to borrow up to US$750 million from the African Export-Import Bank for the 2022 budget.

In June, Finance Minister Ken Ofori-Atta requested parliament to accelerate the authorisation of the loans.

However, differences have held up the process even though the country faces skyrocketing inflation, lacklustre economic growth and a tumbling local currency.

The vote by the deadlocked parliament eliminates a significant obstacle for the government of …