Afrexim Bank, Heirs Holdings sign $600m loan deal

African Export-Import (Afrexim) Bank signed financing facilities totaling $600 million with Heirs Holdings Group, a pan-African proprietary investment holding company.

The facility would further support the group’s power, oil and gas strategy, as it positions itself as an African leader in integrated natural resources.

The agreement was signed on the side lines of side lines of Intra-African Trade Fair (IATF 2018), held between December 11 and 17 2018 in Egypt.

The loan would assist Heirs Holdings Group’s vision of creating a dynamic resource based division, which is focused on ensuring value creation on the African continent that directly benefits the broader African economy and consumer.

Speaking at the signing ceremony, Benedict Oramah, President of Afrexim, who signed on behalf of the bank, stated that the investment by Heirs Holdings would play a key role in addressing some of the fundamental challenges that have affected energy sectors in Africa.

On his part, Chairman of Heirs Holdings, Tony Elumelu, said: “We are delighted to be partnering with Afrexim. The bank continues to play a critical role in the economic and social development of the continent.

Heirs Holdings has significant investments across Africa in financial services, resources, real estate and hospitality and power sectors.