Afreximbank launches AMCE project in Nigeria set to begin in the last quarter of 2021

NIGERIA – African Export-Import Bank (Afreximbank) has announced the commencement of its African Medical Centre of Excellence (AMCE) project in Abuja, Nigeria. It will provide world-class care to both low and high-income patient groups across the continent. The Bank recently formalised its long-term collaboration with King’s College Hospital, London (KCH) on the project when it signed an agreement appointing KCH the Clinical Partner of the AMCE. Construction of the Abuja AMCE is scheduled to begin in the fourth quarter of 2021 and commissioning is scheduled for the first quarter of…

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Afreximbank, NEXIM to support Niger-Benue river charting with US$750,000 grant

NIGERIA – As part of the Regional Sealink Project, the African Export-Import Bank (Afreximbank) and Nigeria Export-Import Bank (NEXIM) have announced a US$750,000 grant to support the charting of the main channel of the Niger-Benue river in Nigeria. The Regional Sealink Project aims to bridge the gap in maritime transport infrastructure and improve trade connectivity in West Africa. The Regional Sealink Project is a trade facilitation initiative designed to address the critical logistics infrastructure gap towards facilitating and deepening inland and intra-coastal waterways operations. It was adopted by the Economic…

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Afreximbank closes largest-ever US$1.3bn dual tenor bond issuance

AFRICA – The African Export-Import Bank (Afreximbank) has announced that it has successfully closed a US$1.3 billion dual tenor bond issuance, the bank’s largest-ever transaction in the international debt capital markets. Afreximbank printed a US$600 million 5-year note at a spread of T+185 basis points (bps) and a US$700 million 10-year note at a spread of T+220bps, after achieving a final order book of US$4.5 billion. A statement explained that the Initial Pricing Thoughts (IPTS) were announced at T+220bps area and T+250bps area for the 5-year and 10-year tranches, respectively.…

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Guinea signs agreement for establishment of Fund for Export-Development in Africa

GUINEA – The Republic of Guinea has signed the Agreement for the Establishment of the Fund for Export-Development in Africa (FEDA), a development impact-oriented subsidiary of the African Export-Import Bank (Afreximbank). The Establishment Agreement grants FEDA legal capacity to conduct business in its own name as an international organisation with privileges and immunities accorded to other Multilateral Financial Institutions on the continent. Guinea becomes the third signatory of the Establishment Agreement after Rwanda in November 2020 and Mauritania in January 2021. To complete the FEDA Legal Establishment process, two Afreximbank…

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Afreximbank, NEXIM partner to launch Joint Project Preparation Fund for trade sector

NIGERIA – African Export-Import Bank (Afreximbank) and Nigeria Export-Import Bank (NEXIM) have entered into a Memorandum of Understanding (MoU) to establish a Joint Project Preparation Fund. The fund will provide early project preparation financing and technical support services to public and private sector entities operating in Nigeria’s trade sector. The Joint Project Preparation Fund will support public and private sector investors by providing technical and financial support services that will result in a steady pipeline of well-structured, bankable projects that Afreximbank, NEXIM and other financial institutions can readily finance. Under…

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Solar energy start-up Jirogasy in fundraising push to finance its solar computer and expansion in East Africa

MADAGASCAR – After the successful launch of its solar computer Jirodesk II, Malagasy company Jirogasy, has joined the Seedstar and Shell Foundation’s acceleration program to open a fundraising round.  Jirogasy, the first company to manufacture connected objects and solar kits “made in Madagascar” for e-health and e-education, has been deploying its new generation solar computer Jirodesk II for a month now. The computer is more autonomous, compact, equipped with a GPS, a data feedback box and adaptable to remote maintenance. The local innovation, the fruit of a team of 100%…

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Fertilizer company OCP Group secures US$350m loan facility from Afreximbank

MOROCCO – African Export-Import Bank (Afreximbank), the Pan-African multilateral EXIM Bank, has signed a 7-year US$350 million Term Loan Facility to provide financing to OCP Group, a phosphate mining and leading fertilizer company, to support its expansion plans across Africa. The financing is part of Afreximbank’s remit to advance regional trade in Africa where its support is prioritized towards activities of African multinational corporations dubbed “Intra-African Trade Champions” – reflecting their status as key actors in the expansion and acceleration of Intra-African trade. Prof. Benedict Oramah, President of Afreximbank, observed…

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Afreximbank, COMESA partner to implement its US$1b Continental Transit Guarantee Scheme

AFRICA – Pan-African multilateral trade finance institution African Export-Import Bank (Afreximbank), has signed the Instrument of Accession to the Inter-Surety Agreement for the Implementation of the COMESA Regional Customs Transit Guarantee/Bond Agreement. The Bank is now set to begin the implementation of its US$1billion Continental Transit Guarantee Scheme, of which about US$200 million is earmarked for the COMESA region. The Agreement was by Professor Benedict Oramah, President of Afreximbank and Dr. Elirehima Joshuo Doriye, Chairperson of the Council of Regional Customs Transit Guarantee (RCTG). The scheme sets the stage for…

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Afreximbank approves US$70m to finance Beitbridge expansion in Zimbabwe

ZIMBABWE – Pan-African multilateral trade finance institution African Export-Import Bank (Afreximbank) has approved US$70 million to finance the expansion and upgrade of the Beitbridge border post in Zimbabwe to boost intra-Africa trade. The Beitbridge border post between Zimbabwe and South Africa is the busiest border crossing in Southern Africa, with an average of 25,000 people and 500 trucks crossing the border every day. The border post’s upgrade will significantly reduce waiting periods that have hampered and slowed trade across Southern Africa, causing haulage operators to use longer, less efficient alternative…

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Afreximbank partners AAAM to finance regional automotive value chains

AFRICA – The African Export-Import Bank (Afreximbank) and the African Association of Automotive Manufacturers (AAAM) have signed a Memorandum of Understanding (MoU) for the financing and promotion of Africa’s automotive industry. Under the terms of the MoU, Afreximbank and AAAM will work together to foster the emergence of regional value chains. It has a particular focus on value-added manufacturing created through partnerships between global Original Equipment Manufacturers (OEM), suppliers, and local partners. The two organisations plan to undertake comprehensive studies to map potential regional automotive value chains on the continent…

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