Pan-African financial institution African Export-Import Bank (Afreximbank) has officially been confirmed as one of the diamond sponsors at African Energy Week (AEW) 2021. As a leading financial services provider in Africa’s energy and trade landscape, Afreximbank will be critical in any and all discussions on financing Africa’s energy future.
The bank’s position as a diamond sponsor will not only enhance stakeholder engagement at the event but will open the discussion on diversified funding structures and trade opportunities, inspiring consistent growth and development across Africa’s energy and economic sectors.
Established under the auspices of the African Development Bank, Afreximbank has managed to establish itself as a major player and key facilitator in Africa’s trade finance sector. With a vision to increase Africa’s participation and trade within global markets, the institution is well positioned to drive the discussions on finance and trade in Cape Town. Specifically, the bank is committed to both financing and promoting intra- and extra-African trade, recognizing the role that trade will play in driving Africa’s economic growth. As a key partner for African stakeholders, particularly those within the energy sphere, the bank is focused on positioning the continent as a globally competitive economy.
For years, the Afreximbank has been a key supporter and major facilitator of Africa’s energy and socio-economic growth. From funding key projects, to creating opportunities for capital partnerships and deals, the bank has and continues to be a primary driver of the continent’s developmental progress. Notable deals include the $200 million loan facility agreement signed with the Egyptian General Petroleum Company to enhance the expansion of power generation and distribution in Egypt; $400 million in loans and guarantees to support Mozambique’s liquified natural gas project; $700 million to support Sudan’s energy and communications expansion; $250 million credit to Trans Niger Oil and Gas Ltd to help facilitate the acquisition of a 45% stake in the OML 17 onshore oilfield; and a $500 million financing facility to assist the government of South Sudan in power transmission, infrastructure and agriculture projects. Finally, the bank has extended its contributions into the health sector, working with the European Investment Bank to direct EUR 300 million towards COVID-19 response and recovery in Africa. Accordingly, the bank has been instrumental, not only in advancing energy sector progress, but Africa’s wider socio-economic growth.
“From working with African energy players to bridging the financing gap through deals, to being a constant and consistent partner of the African Energy Chamber (AEC) on Team Africa, I am not surprised that Afreximbank, under the leadership of Dr Benedict Orahmah, will elect to be our financial partner of choice. They are driven by purpose, and they focus and deliver results. They appreciate that the AEC has been principled and consistent about energy and Africa,” stated NJ Ayuk, Executive Chairman of the AEC.
Support from institutions such as Afreximbank has only further consolidated AEW 2021’s position as Africa’s premier energy event. Afreximbank will, through its diamond sponsorship, facilitate discussions on improving business development strategies in a way that companies can capitalize on intra-African networks, increase their trade share, and enhance their position in both regional and global markets. With operations spanning the African continent, the bank is well positioned to drive the discussion on trade and finance that will accelerate Africa’s energy sector development.
“The bank’s commitment to enhance and accelerate intra-African trade cannot be overstated. By introducing innovative financing solutions for African traders, and emphasizing the benefits brought about by the African Continent Free Trade Agreement, the bank is focused on improving Africa’s economic participation in global markets. In Cape Town, and as a diamond sponsor, the bank will facilitate the discussions on Africa’s energy sector, introducing innovative financing solutions and motivating improved trade opportunities for African energy players,” continued Ayuk.
AEW 2021, in partnership with South Africa’s Department of Mineral Resources and Energy DMRE, is the AEC’s annual conference, exhibition and networking event. AEW 2021 unites African energy stakeholders with investors and international partners to drive industry growth and development and promote Africa as the destination for energy investments.