The African Export and Import Bank (Afreximbank) has officially partnered with the continent’s premier energy event, African Energy Week (AEW) 2022 – taking place from 18 to 21 October in Cape Town – in a move that should spark a new era of deal signings, local content and multi-sector expansion once again.
The theme of this year’s edition is how to eradicate energy poverty in Africa by 2030.
As a leading pan-African financial services provider, Afreximbank has established itself as a major player and key facilitator of the commercial finance sector in Africa. From financing key projects to creating opportunities for partnerships and equity deals, the bank has and continues to drive multi-sector growth in Africa.
In energy, the bank has emerged as a leading financial services provider, with relevant deals including the $200 million loan agreement signed with Egypt’s General Petroleum Company to increase the expansion of power generation and distribution in Egypt; $400 million in loans and guarantees to support the liquefied natural gas project in Mozambique; $700 million to support Sudan’s power and communications expansion, and more.
With this partnership, both the AEW and the Bank are committed to making better use of business opportunities.
Meanwhile, having made significant progress in financing and promoting intra-African trade and local content, Afreximbank recognises the need for an intra-African energy boost, built for improved trade, finance and collaboration.
With the implementation of the African Continental Free Trade Agreement (AfCFTA) in January 2021, new opportunities for continental trade have emerged and during AEW 2022, the Bank will strongly advocate for regional cooperation and trade.
Last month, Afreximbank’s Board of Directors approved the renewal of a US$1 billion credit line to operationalise the AFCFTA, demonstrating its commitment to trade finance in Africa.
As countries, stakeholders and businesses capitalise on the opportunities of the agreement, the partnership between AEW and Afreximbank will enhance intra-African trade as the bank continues to finance the continent’s growth alongside AEW.
“This partnership is what the African energy sector needs right now. With significant untapped resources covering the entire energy spectrum, as well as opportunities across the energy value chain, the future of Africa’s energy sector will be largely driven by the continent’s ability to finance its own development, said NJ Ayuk, Executive Chairman of the African Energy Chamber (AEC), adding that, “the spirit of initiating and signing agreements will drive the AEW both during this year’s conference and all following conferences. We have already identified a number of agreements and consider this partnership key to making those agreements a reality. Afreximbank, along with initiatives such as Team Energy Africa – aimed at mobilising private sector financing for accelerated clean energy deployment across Africa – will be instrumental in ensuring that Africa realises the full potential of its economic and energy sectors.”
08/01/2022
