Latest news with #KanayoAwani
Zawya
a day ago
- Business
- Zawya
Afreximbank Annual Meetings record project preparation deals expected to unlock about US$ 1.0 billion in investments
The 32 nd Annual Meetings of African Export-Import Bank (Afreximbank) ( also known as AAM2025, witnessed a flurry of deal signings with four project preparation transactions signed between the Bank and various entities that are expected to unlock investments valued at about US$ 1.0 billion. In an agreement signed by Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, for Afreximbank, and Mrs. Temwani Simwaka, CEO, for NBS Bank Plc (NBS), Malawi, the two institutions executed a Joint Project Preparation Facility Framework Agreement under which they will pool resources to provide early project preparatory financing to progress projects in Malawi from pre-feasibility stage to bankability in a timely manner. As set out in the agreement, Afreximbank and NBS will support public and private sector investors by availing financing and technical support services to de-risk projects in priority sectors, including energy, transport and logistics, logistical platforms (such as special economic zones and industrial parks), manufacturing, agro-processing, hospitality and tourism, extractives, solid minerals, and services (such as ICT, healthcare, and creative economy). Embedded in the framework agreement is a capacity building programme that will empower NBS staff to undertake project preparation activities in the medium term. Afreximbank and NBS expect to bring onstream investments of about US$ 300 million in Malawi in the near term. In another transaction, Afreximbank signed a US$ 4.4-million Project Preparation Facility Agreement in favour of Med Aditus Pharmaceutical Kenya Limited. The facility will be deployed to finance the preparation of feasibility and bankability studies towards the development of a state-of-the-art fill and finish pharmaceutical manufacturing plant, with a production capacity of at least two billion tablets and capsules per annum, located in Kibos, Kisumu County, Kenya. The project will improve access to quality, affordable life-saving medicines across the Great Lakes region, contributing to better health outcomes in a region that contends with heavy loads of infectious and other diseases. The project will also facilitate medical and manufacturing blockchain technology transfer to Africa, supporting the long-term growth and strengthening the wider region's health sector. The project preparation facility will bring onstream assets of about US$ 40 million. Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, signed the agreement on behalf of Afreximbank while Dr. Dhiren Thakker, Founder and CEO of Med Aditus Pharma, signed for his company. Afreximbank also signed a Heads of Terms agreement for a US$4.4-million project preparation facility in favour of Green Hybrid Power Private Limited. The facility will be deployed towards the preparation of bankability and feasibility studies and procurement of transaction advisors for a 1-Gigawatt (GW) hybrid floating solar photovoltaic power system on Lake Kariba, Zimbabwe. The project, to be implemented in two phases, includes a pilot phase targeting a generation capacity of 500 MW to be sold wholly to the Intensive Energy Users Group, a consortium of blue-chip industrial and mining energy users in Zimbabwe, under a 'take-or-pay' 20-year power purchase agreement with a cost-reflective tariff. The project is expected to supply affordable and reliable power that will support value-addition and beneficiation of Zimbabwe's minerals, thereby boosting the country's foreign exchange earnings. The project preparation facility will unlock an investment estimated at US$ 350 million. Signing the agreement were Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, on behalf of Afreximbank, and Mr. Eddie Cross, Chairman, for Green Hybrid Power Private Limited. Afreximbank, in addition, signed a Project Preparation Facility Heads of Terms Agreement of US$ 4.0 million in favour of Proton Energy Limited, a Nigerian independent power producer. The facility will be deployed towards financing the preparation of feasibility studies and procurement of transaction advisory services for the development of a grid-connected gas-fired power plant with a nameplate capacity of 500 MW in Sapele, Nigeria. The project will commence with an initial generation capacity of 150 MW. The project will evacuate the electricity generated primarily to Eko Electricity Distribution Company under a 20-year power purchase agreement with a cost-reflective tariff. The facility is expected to bring on stream assets estimated at US$ 300 million. Signing the agreement were Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, on behalf of Afreximbank, and Mr. Oti Ikomi, Executive Vice Chairman and CEO, for Proton Energy Limited. AAM2025 took place from 25 to 28 June and attracted an estimated 8,000 participants, including presidents, prime ministers, ministers and business leaders, from across Africa, the Caribbean and beyond. It ended with the Annual General Meeting of Shareholders where Dr. George Elombi was appointed the next President of the Bank who succeeds Prof. Benedict Oramah whose tenure is ending after two five-year terms in the position. Distributed by APO Group on behalf of Afreximbank. Follow us on: X: Facebook: LinkedIn: Instagram: About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
Zawya
08-05-2025
- Business
- Zawya
Afreximbank extends EUR15-million factoring line of credit to Banque Postale du Congo
African Export-Import Bank (Afreximbank) ( has signed a EUR 15 million Factoring line of credit agreement with Banque Postale du Congo (BPC) in Cairo. The facility will provide liquidity to BPC for factoring supplier invoices accepted by eligible buyers, as well as for engaging in cross-border factoring. Speaking at the signing ceremony, Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development at Afreximbank, explained that the dual-tranche factoring facility would support small and medium-sized enterprises (SMEs) in the Republic of Congo and enable BPC to expand its cross-border factoring activities. She noted that the facility would significantly boost SME financing in Congo, where BPC is currently the only institution offering factoring. It is expected that the facility will be revolved severally over the next year, resulting in cumulative financing of up to EUR 60 million for SMEs. Mrs. Awani highlighted that the transaction is part of a broader strategic partnership between Afreximbank and BPC aimed at promoting factoring in the Republic of Congo and across the Central Africa region. The partnership is also designed to improve access to finance for SMEs, which are vital contributors to job creation and economic growth as well as strengthen capacity building and legal and regulatory framework 'Factoring has been identified as a key instrument to facilitate the implementation of Afreximbank's current strategy, Impact 2026 - Extending Frontiers, by providing financing to SMEs that may not meet the criteria for traditional bank lending,' said Mrs. Awani. 'This facility will support SMEs and improve their competitiveness by enabling them to trade on open account terms, thereby expanding trade frontiers.' Mr. Calixte Tabangoli, Chief Executive Officer of BPC, who signed on behalf of his organisation commented: 'We are honoured to once again partner with Afreximbank through this expanded facility. Over the past two years, the Bank's support has enabled us to provide vital working capital to more than 100 SMEs in Congo. This new EUR 15 million facility will further strengthen our ability to promote financial inclusion and economic development. We deeply appreciate the unwavering commitment of Mrs. Kanayo Awani and her team, whose leadership continues to demonstrate that factoring is a powerful instrument for SME growth across Africa.' The facility builds on a strong and evolving partnership between Afreximbank and BPC, which began in 2018 with an initial EUR 5million facility. That support was subsequently increased to EUR 10million in 2022. Since then, BPC's factoring volumes have grown from EUR 1.5 million in 2018 to EUR 30.5 million in 2024. In addition to financing, the partnership has included key capacity-building and policy initiatives. Notably, Afreximbank supported the Republic of Congo's adoption of a Model of Law on Factoring in 2021. The Bank has also provided technical assistance, including a week-long secondment of three BPC staff members to Afreximbank in June 2024, and has collaborated with BPC in promoting awareness and developing the factoring ecosystem across the region. Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@ Follow us on: X: Facebook: LinkedIn: Instagram: About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
Zawya
07-05-2025
- Business
- Zawya
Afreximbank sees opportunities in the cotton sector as it hosts partnership's steering committee
African Export-Import Bank (Afreximbank) ( recently hosted a two-day meeting of the Steering Committee of the Partenariat pour le Coton (PPC), a global platform established to support transformation and value addition in the cotton-textile-garment (CTG) sector in developing countries. With an initial focus on the C4+ countries (Benin, Burkina Faso, Chad, Mali, and Côte d'Ivoire), PPC aims to drive sustainable transformation and value addition in the CTG sector by enhancing economic returns, creating employment opportunities, and promoting economic, social and environmental sustainability. Delivering the opening remarks at the meeting, held at Afreximbank Headquarters in Cairo from 28 to 29 April, Mrs. Kanayo Awani, Executive Vice President for Intra-African Trade and Export Development at Afreximbank, noted that development of the cotton sector presents significant opportunities to enhance economic growth across Africa— contributing between 45 and 60 per cent of GDP and foreign exchange earnings in some countries. However, she highlighted a recent study by the Steering Committee which revealed that textile and garment manufacturing sector in some C4+ countries remains at a nascent stage. 'Therefore, to upgrade and integrate into the global cotton sector value chain, we must address a range of issues, including low yields and limited processing capacity, climate change and variability, market fluctuations, global cotton prices, weak infrastructure and inadequate access to modern technology,' added Mrs. Awani. She emphasised that, as a member of the C4+ initiative, Afreximbank is committed to supporting African countries to move up the cotton value chain – transforming raw cotton into textiles and clothing. Working with strategic partners, Afreximbank aims to help establish modern textile and garment industries in C4+ countries and across the continent to realise the development aspirations of the African Union's Agenda 2063 and the United Nations Sustainable Development Goals. Mrs. Awani noted that the Steering Committee's deliberations were centred on mobilising capital and investment to transform the African cotton sector. She highlighted several financial and non-financial instruments that Afreximbank could deploy to support this goal, including project preparation funding, tailored financing and advisory solutions, debt and equity financing, export advisory services, SME support, insurance solutions, digital platforms to improve market access and compliance, and trade facilitation and investment promotion support. 'Through our active participation in the Partenariat pour le Coton, we reaffirm our commitment to supporting Africa's drive for sustainable industrialisation and local value addition. By working alongside partners, we are helping unlock critical investments, strengthening technical capacity, and promoting sustainable practices across the cotton sector. The outcomes of this Steering Committee meeting represents an important step towards realising the C4+ countries' vision of a globally competitive cotton-textile-garment industry. Afreximbank remains committed to championing initiatives that create jobs, boost trade and drive inclusive economic transformation," Mrs. Awani informed participants during the meeting. Emphasising the importance of the outcome in his opening remarks, Mr. Jean-Marie Paugam, Deputy Director-General of World Trade Organisation (WTO), and Chairperson of the steering committee stated: 'I hope that the discussions over these two days will yield concrete results for the industrialisation and local processing of cotton in partner countries. We will be able to report these results to WTO members at our next discussion on cotton, scheduled for the 14 th of May at the WTO, which will address all issues facing the cotton industry in the C4 and other developing countries.' The meeting, which brought together key stakeholders working to advance sustainable industrialisation across Africa's CTG value chain, also included the formal signing of an amendment to the Trust Fund Agreement between Afreximbank and UNIDO. This amendment reinforces Afreximbank's US$ 80,230 grant to finance a baseline study critical to the development of the cotton-to-textile value chain under the PPC – delivered within a WTO-FIFA cooperation framework. Participants included the Chairperson, Mr. Jean-Marie Paugam, Deputy Director-General of the World Trade Organisation (WTO); Mr. Gunther Berger, Managing Director at UNIDO; Ms. Alimatou Shadiya Assouman, Minister of Trade and Industry of Benin; and Mr. Eric Trachtenberg, Executive Director of the International Cotton Advisory Committee (ICAC), among others. Also present were technical partners including Gherzi Textile Organization, which has supported the PPC process since the baseline study phase, and Otto Group Scan-Thor Group. Membership of the PPC includes Afreximbank, WTO, UNIDO, ICAC, the International Labour Organisation (ILO), the International Trade Centre (ITC), Better Cotton, FIFA, and the governments of the C4+ countries. Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@ Follow us on: X: Facebook: LinkedIn: Instagram: About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
Zawya
08-04-2025
- Business
- Zawya
Oil and gas investor Afreximbank earmarks $3bln to support locally-refined products
CAPE TOWN: The African Export–Import Bank (Afreximbank), a key investor in oil and gas projects, has earmarked $3 billion to finance the purchase of refined products within Africa as part of broader plans to boost refining capacity, a senior executive said. Africa exports around 80% of its crude oil, and 45% of the natural gas it produces, leaving the fast-growing continent heavily-reliant on imported refined products, according to the bank and analysts. A lack of storage infrastructure and older refineries with relatively small output capacity characterise the energy landscape of sub-Saharan Africa. "The time has come for Africa to take control of its energy destiny," Kanayo Awani, executive vice-president at Afreximbank told an energy conference in Cape Town, South Africa, on Monday. Awani said the $3 billion revolving intra-African oil importing financing initiative will be used for products including premium motor spirit, automotive gas oil, heavy fuel oil, jet fuel, and kerosene, among others. Afreximbank, which has invested in the 650,000 barrels per day (bpd) Dangote refinery in Nigeria, and the Lobito and Cabinda refineries in Angola, has traditionally helped finance imports of refined products from outside the continent. Africa spends an estimated $30 billion in annual petroleum import costs due to inadequate refining capacity, Awani said. In Nigeria, for example, increased investments have helped create 1.3 million bpd of refining capacity, helping make the Gulf of Guinea a key refining hub for the continent. "Our goal is to support 3 million barrels per day of refining capacity in the near to medium term, that is our ambition," Awani told Reuters. A joint report last year by energy consultancy CITAC and Puma Energy found that the demand for cleaner fuels was set to rise by 56% from 2022 levels to reach 142 million metric tons by 2040. (Reporting by Wendell Roelf; Editing by Rachna Uppal)
Reuters
07-04-2025
- Business
- Reuters
Oil and gas investor Afreximbank earmarks $3 bln to support locally-refined products
CAPE TOWN, April 7 (Reuters) - The African Export–Import Bank (Afreximbank), a key investor in oil and gas projects, has earmarked $3 billion to finance the purchase of refined products within Africa as part of broader plans to boost refining capacity, a senior executive said. Africa exports around 80% of its crude oil, and 45% of the natural gas it produces, leaving the fast-growing continent heavily-reliant on imported refined products, according to the bank and analysts. here. A lack of storage infrastructure and older refineries with relatively small output capacity characterise the energy landscape of sub-Saharan Africa. "The time has come for Africa to take control of its energy destiny," Kanayo Awani, executive vice-president at Afreximbank told an energy conference in Cape Town, South Africa, on Monday. Awani said the $3 billion revolving intra-African oil importing financing initiative will be used for products including premium motor spirit, automotive gas oil, heavy fuel oil, jet fuel, and kerosene, among others. Afreximbank, which has invested in the 650,000 barrels per day (bpd) Dangote refinery in Nigeria, and the Lobito and Cabinda refineries in Angola, has traditionally helped finance imports of refined products from outside the continent. Africa spends an estimated $30 billion in annual petroleum import costs due to inadequate refining capacity, Awani said. In Nigeria, for example, increased investments have helped create 1.3 million bpd of refining capacity, helping make the Gulf of Guinea a key refining hub for the continent. "Our goal is to support 3 million barrels per day of refining capacity in the near to medium term, that is our ambition," Awani told Reuters. A joint report last year by energy consultancy CITAC and Puma Energy found that the demand for cleaner fuels was set to rise by 56% from 2022 levels to reach 142 million metric tons by 2040.
