Afreximbank grants Djibouti $120 mln loan

The African Export-Import Bank (Afreximbank) announced on Monday the $120-million financing facility to Djibouti’s Great Horn Investment Holding (GHIH) to execute projects in Damerjog Industrial Development Free Trade Zone.

The deal is targeted at supporting the development of a trade-enabling infrastructure to assist Djibouti in achieving its plan to become a regional trans-shipment and logistics hub.

The loan will provide support and capacity to SOMAGEC, a Moroccan construction company which is Afreximbank’s Intra-Africa Trade Champion, according to the bank’s statement.

“We are equally proud that the project is being implemented by Moroccan EPC contractor SOMAGEC, a testimony to Afreximbank’s support to African contractors undertaking large infrastructure projects on the continent…” Afreximbank President said.