Cairo — Further driving its mandate to facilitate the growth of intra-Africa trade and support the development of African businesses, the African Export-Import Bank (Afreximbank) yesterday, in Cairo signed financing facilities totalling $600 million with the Heirs Holdings Group, a pan-African proprietary investment holding company.
Heirs Holdings, which has significant investments across Africa in the financial services, resources, real estate and hospitality and power sectors, plans to deploy the facilities to further support its power, oil and gas strategy, as it positions itself as an African leader in integrated natural resources.
Afreximbank President Prof. Benedict Oramah represented the Bank while Tony Elumelu, Chairman of Heirs Holdings, represented the group during the signing ceremony which took place at the inaugural Intra-African Trade Fair (IATF) in Cairo.
According to Heirs Holdings, the proceeds of the facilities will support the Group's vision of creating a dynamic resource-based division focused on ensuring value creation occurs on the African continent and the development of value chains that directly benefit the broader African economy and consumer.
Prof. Oramah welcomed the continuing strong relations with Heirs Holdings and commended its potential role in addressing some of the fundamental challenges that have affected the power and energy sectors in Africa.
"We are delighted to be partnering with Afreximbank," said Mr. Elumelu. "The Bank continues to play a critical role in the economic and social development of the continent. Together, we illustrate that Africa can create world class institutions, which are capable of successfully making the long-term investments necessary for Africa's economic transformation and catalyse the enabling environment that will unleash Africa's potential".
The IATF, organized by Afreximbank, in collaboration with the African Union, and hosted by the Government of Egypt, will last until 17 December 2018 and is expected to attract about 70,000 visitors. Transactions worth about $25 billion are expected to be concluded at the IATF which has almost 1,100 registered exhibitors from 42 countries.