Afreximbank, Orascom sign $170m deal to boost intra-African investment
The African Export-Import Bank (Afreximbank) has signed a $170 million facility with Egypt-based conglomerate, Orascom Investment Holding (OIH), to assist the company expand its pan-African activities.
The facility would boost OIH’s short and medium-term expansion strategy.
The facility agreement is part of the bank’s efاىfort to promote intra-African investments and export manufacturing using the framework of its Intra-African Investment Finance Facility.
The Chairman of OIH, Naguib Sawiris, said the company was focused at investing in Africa and that the continent would only achieve progress with improved intra-African trade and investment.
He assured that Orascom Investment will explore business and investment opportunities referred to it by Afreximbank in Rwanda, Togo, Eretria, Nigeria and Sao Tome.
The bank’s president Benedict Oramah said that “The transaction is 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.
“This will be done through better value addition, especially in the agro-processing sector and the agreement will set up a long-term strategic partnership between OIH and Afreximbank.