African Export-Import Bank (Afreximbank), at The 32nd Annual Meetings witnessed a flurry of deal signings with four project preparation transactions signed between the Bank and various entities that are expected to unlock investments valued at about US$ 1.0 billion.
According to a statement from the bank on Monday, NBS Bank Plc (NBS), Malawi, signed a deal with Afreximbank to pool resources together and provide early project preparatory financing to progress projects in Malawi from pre-feasibility stage to bankability in a timely manner.
The deal was signed by Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, for Afreximbank, and Mrs. Temwani Simwaka, CEO, for NBS Bank Plc. “Afreximbank and NBS expect to bring onstream investments of about US$ 300 million in Malawi in the near term.” The statement said.
However, in another transaction, Afreximbank signed a US$ 4.4-million Project Preparation Facility Agreement in favour of Med Aditus Pharmaceutical Kenya Limited.
The facility will be deployed to finance the development of a state-of-the-art fill and finish pharmaceutical manufacturing plant, with a production capacity of at least two billion tablets and capsules per annum, located in Kibos, Kisumu County, Kenya.
Afreximbank said the “project will also facilitate medical and manufacturing blockchain technology transfer to Africa, supporting the long-term growth and strengthening the wider region’s health sector. The project preparation facility will bring onstream assets of about US$ 40 million.”
The bank further signed a Heads of Terms agreement for a US$4.4-million project preparation facility in favour of Green Hybrid Power Private Limited; for a 1-Gigawatt (GW) hybrid floating solar photovoltaic power system on Lake Kariba, Zimbabwe.
“The project preparation facility will unlock an investment estimated at US$ 350 million.”
Afreximbank, in addition, signed a Project Preparation Facility Heads of Terms Agreement of US$ 4.0 million in favour of Proton Energy Limited, a Nigerian independent power producer.
The facility is for the development of a grid-connected gas-fired power plant with a nameplate capacity of 500 MW in Sapele, Nigeria. The facility is expected to bring on stream assets estimated at US$ 300 million.
