Afreximbank signs $1.18 billion mandate for BSMART Technology
The African Export–Import Bank (Afreximbank) has signed on Sunday a mandate for $1.18 billion Interstate Transit Guarantee with BSMART Technology.
BSMART Technology plans to build, operate and manage 38 integrated customs designated stop areas (ICDSA) across the Eastern Africa corridor, Kenya, Uganda, Tanzania, Zambia and South Sudan.
ICDSA key services are to include, among others, secure public amenities, truck parking area, – customs documentation verification and transit truck parking area, – logistic hub or special economic zone or bonded warehouse park – container yards or vehicle inspection centre, – affordable housing estate. The ICDSA aims to support the growth and acceleration of the economic process and the development of the East African Community Partner States.
It is also projected to improve the socioeconomic conditions of the community. Drivers will stop in the ICDSA and refresh under the full watch of customs and other relevant authorities for the security, safety and integrity of the cargo onboard.
The accomplishment of the ICDSA is envisaged to complement the real-time cargo tracking efforts in place and further improve transit controls for better revenue collection. In consideration of the above, BSMART plans to collaborate with Afreximbank, acting as its financial advisor, to raise the required capital for the development of the above projects, estimated at $1.18 billion.
Kanayo Awani – Executive Vice President, Intra-African Trade Bank, at Afreximbank, has signed the agreement with Mai WenHao, CEO of BSMART Technology, at the third edition of Africa’s largest trade and investment fair, IATF 2023 taking place in Cairo, Egypt on November 9 -15.
