Multi-lateral lender, African Export-Import Bank (Afreximbank) has signed a facility agreement lending $170 million to Egypt-based conglomerate Orascom Investment Holding (OIH) to assist the company expand its pan-African activities in pursuit of its short and medium-term expansion strategy.
Afreximbank Spokesman, Obi Emekekwue in a statement to News Central on Friday said the facility agreement was part of Afreximbank’s effort to promote intra-African investments and export manufacturing using the framework of its Intra-African Investment Finance Facility.
Speaking at the signing ceremony in Cairo, Afreximbank President, Professor Benedict Oramah said the transaction was a significant opportunity for OIH’s targeted investments in companies across Africa to support their transformation, increase their production capacity and produce higher quality exports through better value addition, especially in the agro-processing sector.
Oramah said the agreement would set up long-term strategic partnership between Afreximbank and Orascom, describing OIH as one of the most successful and diverse holding companies in the North Africa region, with the potential of assisting the Bank in expanding its operations in the regional and Egyptian markets.
“Our collaboration opens the potential for our two institutions to strengthen their relationship and mutual cooperation in order to make significant contributions towards unlocking the full potentials of intra-African investment,” he added.
Also speaking, Naguib Sawiris, Chairman of OIH, said the company’s main focus was currently on investing in Africa, adding that the continent would only achieve progress if intra-African trade and investment growth happened.
“It is up to Africans to come together to work for that goal,” he said.
With the facility, Orascom is set to explore business and investment opportunities referred to it by Afreximbank in such countries as Rwanda, Togo, Eretria, Nigeria and Sao Tome.
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