Afreximbank Records $1bn Deals at IATF
African Export-Import Bank (AfreximBank) has closed about $1 billion with some organisations in various sectors across the continent.
In a statement, than regional bank said that the third day of the third Intra-African Trade Fair (IATF2023) concluded with attendees witnessing the signing of financing and other agreements valued in excess of one billion dollars.
United Bank for Africa PLC – US$ 150 million
The Bank also signed a US$150-million trade finance facility agreement with United Bank for Africa (UBA) PLC, under the Ukraine Crisis Adjustment Trade Financing Programme for Africa.
The fund is to be utilized to finance trade and trade-related transactions in support of UBA clients to facilitate increased financing of trade businesses in various sectors of the Nigerian economy to mitigate the adverse effects of the Russia-Ukraine crisis.
Signed by Denys Denya, Executive Vice President, Finance, Administration and Banking Services, Afreximbank, and Oliver Alawuba, Managing Director of UBA PLC, the facility is expected to enhance confidence in the settlement of international trade transactions for strategic imports.
FDH Bank Malawi -ATEX – USD10M
Another facility agreement, for US$10 million, was signed with FDH Bank Malawi to support trade finance in Malawi. Gwen Mwaba, Director, Trade Finance, signed for Afreximbank while George Chitera, Deputy Managing Director, signed for FDH Bank Malawi.
Banque Commerciale du Burundi (BANCOBU) – USD 55 Million
Under a facility agreement with Banque Commerciale du Burundi (BANCOBU), Afreximbank will provide US$55-million trade facilitation limits to BANCOBU to support importation of essential commodities, such as petroleum products, which are important for the Burundi’s trade and manufacturing sector.
Rene Awambeng, Global Head, Client Relations, signed for Afreximbank while Sylvere Bankimbaga, Deputy Managing Director, signed on behalf of BANCOBU during a ceremony witnessed by Audace Niyonzima, Minister of Finance, Budget and Economic Planning, of Burundi.
Banque de Credit de Bujumbura – US$40 Million
Afreximbank also signed an agreement under which it will provide a US$40-million AFTRAF facility to Banque de Credit de Bujumbura (BCB) to support trade finance in Burundi. Signers were Rene Awambeng, Global Head, Client Relations, for Afreximbank and Roger Guy Ghislain Ntwungeye, Managing Director, for BCB.
Exodus and Company – USD141 Million
A term Sheet for a US$141-million intra-African investment finance facility was signed with Exodus and Company. Denys Denya, Executive Vice President, Finance, Administration and Banking Services, signed for Afreximbank while Progress Mambo, Chief Executive Officer, signed for Exodus and Company.
Ora SPV/Vista Group – Eur 140 million
Another term sheet for a EUR140-million intra-African trade investment facility was signed with Ora SPV/Vista Group for funds to be deployed in Burkina Faso. Kanayo Awani, Executive Vice President of Intra-African Trade Bank, signed for Afreximbank while Simon Tiemtore, Chairman of Lilium Capital, signed for Ora SPV/Vista Group
ADI SPV/Vista Bank – EUR113 million
The Bank also signed a term sheet with ADI SPV/Vista Bank for a EUR113-million facility to be deployed in Burkina Faso. The term sheet was signed by Kanayo Awani, Executive Vice President, Intra-African Trade Bank, for Afreximbank, and Simon Tiemtore, Chairman of Lilium Capital, for ADI SPV/Vista Bank.
Lilium Gold – US$75 Million
Another term sheet signed during the day was with Lilium Gold for a US$75-million senior debt facility for a strategic investment that will significantly enhance Burkina Faso’s mining infrastructure through the acquisition of the Boungou and Wahgnion gold mines. Helen Brume, Director, Project and Asset Based Finance, signed for Afreximbank while Simon Tiemtore, Chairman of Lilium Capital, signed for Lilium Gold
Sapro Mayoko – US$96 million
The Bank also signed a term sheet with Sapro Mayoko for a US$96-million iron ore mine development facility in Congo. The document was signed by Kanayo Awani, Executive Vice President, Intra-African Trade Bank, for Afreximbank and Paul Obambi, Chief Executive Officer, for Sapro Mayoko.
International Centre for Regional Integration and Trade Research (ICRITR) – MoU
An additional document inked during the day was a memorandum of understanding with the International Centre for Regional Integration and Trade Research (ICRITR) signed by Kanayo Awani, Executive Vice President, Intra-African Trade Bank, for Afreximbank and Prof. Charles Okechukwu Esimone, Vice Chancellor, Nnamdi Azikiwe University, Awka, Nigeria, for ICRITR.
Anambra State – US$200 Million
Earlier on the second day of the trade fair, Afreximbank had signed a mandate letter to provide capital raise financial advisory services to the Anambra State Government of Nigeria for an estimated US$200-million facility to support the development of three major projects in the state, covering the Ikenga Mixed-Use Industrial City Project, the Anambra Export Emporium and the Akwaihedi Unubi Uga Automotive Industrial Park.
The Bank also signed an agreement to provide the state government with financial advisory services for the development of operational and governance framework for the Anambra Diaspora Fund, including capital raise financial advisory services for the Anambra Intra-City Rail Master Plan project and the Anambra Diaspora Fund.
Kanayo Awani, Executive Vice President, Intra-African Trade Bank, signed for Afreximbank while Mark Okoye, Chief Executive Officer, Anambra State Investment Promotion and Protection Agency, signed for the state government.
Central Africa Building Society – US$40 Million
Afreximbank also signed an agreement with Central Africa Building Society (CABS), Zimbabwe’s largest building society, to provide a US$40 million line of credit to help build capacity among hundreds of small and medium enterprises (SMEs).
Signed by Denys Denya, Executive Vice President, Finance, Administration and Banking Services, Afreximbank, and Mehluli Mpofu, Managing Director of CABS, the agreement is for three years and is aimed at fostering the growth of the SME sector by supporting productive sectors, such as agriculture, manufacturing and mining.
Arise Integrated Industrial Platforms (ARISE IIP) – Heads of Terms
The Bank signed a heads of terms agreement with Arise IIP for the implementation of African Quality Assurance Centres (AQAC) projects in Benin and Gabon.
Under the heads of terms, Afreximbank will develop AQACs to offer conformity assessment services such as testing, inspection and certification services in Benin, Gabon and, possibly, other African countries in collaboration with Arise IIP within industrial parks developed by Arise to support park tenants and other industries outside to enable them to meet local and export market requirements.
The AQAC initiative was created by Afreximbank to support African countries in improving their capacity to comply with international standards and technical regulations so as to promote exports and facilitate intra- and extra-African trade while ensuring the safety of products for consumption in Africa.
Gagan Gupta, Founder and CEO of Arise IIP, signed for the company while Oluranti Doherty, Director of Export Development, signed for Afreximbank.
Cooperation Agreements
The Bank also announced the conclusion of cooperation agreements with the Comoros National Investment Promotion Agency (ANPI – Invest in Comoros), the Kenya Private Sector Alliance (KEPSA) and the Kenya Association of Manufacturers (KAM), aimed at accelerating intra-African trade and investment.
The agreements, signed seek to deepen collaboration with the institutions through sharing of ideas, exchange of business-oriented information to facilitate trade and investment, business matchmaking, grants, training, technical assistance and capacity building, inter-institutional cooperation and other agreed activities.
They are intended to increase the impact of Afreximbank’s TRADAR Club, a member-driven network set up to empower international businesses and executives to transform trade and investments in Africa through trusted trade intelligence and advisory services.
IATF2023, Africa’s largest trade and investment fair, opened on 9 November and will run till 15 November 2023. Nigeria US Dollar Bond Yield Climbs as FPIs Dump Assets
