The African Export-Import Bank (Afreximbank) has been recognized by EMEA Finance’s 12th African Banking Awards for two transactions processed under its Intra-African Trade Initiative.
Afreximbank was recognized for its leading role in the $737 million bundle of guarantee facilities granted to Elsewedy Electric Group and The Arab Contractors for the construction of the Rufiji Dam and Hydropower Plant in Tanzania.
Afreximbank was appointed as Global Coordinator and Financial Advisory to arrange the guarantee facilities for the project. The transaction won the award for the best-structured finance deal in North Africa as part of EMEA Finance’s African Banking Awards.
Afreximbank’s $100 million global guarantee facility in favour of Orascom Construction was also awarded best-structured trade finance deal in Africa. The facility aims at supporting the Egyptian construction company to expand its business in the rest of Africa through projects in key strategic sectors.
Kanayo Awani, Managing Director of Afreximbank’s Intra-African Trade Initiative, said: “The promotion, facilitation and financing of intra-African trade are at the core of Afreximbank’s strategy. We are thrilled to see our efforts acknowledged once again. The complex bundled guarantee facilities we arranged for the Rufiji Dam and Hydropower Plant proves that African risks are bankable. It is perhaps the largest intra-African transaction entirely financed by African institutions. We are also proud to see our support for Orascom’s projects across Africa recognized for its performance.”
The African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution with the mandate of financing and promoting intra-and extra-African trade.
Afreximbank was established in October 1993 and owned by African governments, the African Development Bank and other African multilateral financial institutions as well as African and non-African public and private investors.
The Bank was established under two constitutive documents, an agreement signed by member states, which confers on the Bank the status of an international organization, and a Charter signed by all Shareholders, which governs its corporate structure and operations.
Afreximbank deploys innovative structures to deliver financing solutions that are supporting the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby sustaining economic expansion in Africa. At the end of 2019, the Bank’s total assets and guarantees stood at USD$15.5 billion and its shareholders’ funds amounted to US$2.8 billion. Voted “African Bank of the Year” in 2019, the Bank disbursed more than US$31billion between 2016 and 2019.
Afreximbank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo