Afreximbank Signs Term Sheet for $190 Million Facility to Made in Africa Inc.

0

Kigali, 17 Jan. 2020: – The African Export-Import Bank (Afreximbank) today in Kigali signed a term sheet with Made In Africa Inc. (MIA) to provide the company with a $190-million facility to finance the acquisition of a company involved in designing, producing and distributing African fashion fabrics.

Afreximbank Signs Term Sheet for $190 Million Facility to Made in Africa Inc. - Brand Spur

The facility, broken into two tranches, will also be used to provide working capital following the acquisition.

Kanayo Awani, Managing Director of Afreximbank’s Intra-African Trade Initiative, signed on behalf of the Bank while Kojo Annan, Chairman and Founder of MIA, signed for the company during a ceremony held on the sidelines of the Creative Africa Exchange Weekend (CAX WKND) taking place in Kigali.

CAX WKND, which is featuring more than 2,000 participants and 250 exhibitors from 68 countries, is organised by Times Multimedia and sponsored by Afreximbank and other partners, as the opening act of activities planned under the CAX Programme to bring together African creative talents from the music, arts, design, fashion, literature, publishing, film and television sectors.

Kanayo Awani, Managing Director of Afreximbank’s Intra-African Trade Initiative (left), and Kojo Annan, Chairman and Founder of Made in Africa Inc., exchange documents following the signing of the term sheet in Kigali.