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NIB, Afreximbank enter 100 million Euro deal

Nordic Investment Bank (NIB) and the African Export-Import Bank (Afreximbank) have signed a EUR 100 million 10-year loan package to finance various infrastructure projects in various nations on the continent.

The new opportunity to tackle the infrastructure deficit in Africa is coming barely days after African nations returned from the Forum of China-Africa Cooperation (FOCAC) summit in Beijing, China.

Leaders from the continent also signed many agreements on loans to fast track infrastructure development.

The NIB loan to Afreximbank under the joint facility will be used for financing eligible investments, which mainly include projects within infrastructure, such as energy, telecom, industrial parks and special economic zones, roads, railways and harbours.

The loan would allow NIB to support export projects that include service and equipment deliveries from the Nordic and Baltic countries.

All projects considered for financing will be analysed by NIB from a sustainability perspective for their impact on productivity as well as any potential impact on climate change mitigation and the environment.

“We are pleased to announce our cooperation with Afreximbank in facilitating investments in African countries. Providing long-term capital to projects of mutual interest supports innovation and environmental protection“, says Henrik Normann, NIB President & CEO.

“The facility will enhance Afreximbank’s capacity to implement our current strategy, which prioritizes industrialization and export development, by providing medium to long-term financing for trade enabling infrastructure projects in our member states,” said Amr Kamel, Executive Vice President, Business Development and Corporate Banking, at Afreximbank.

“We are confident that the facility will have a significant impact on the Africa continent in terms of industrial development.

“We are delighted that the Nordic Investment Bank has chosen to partner with us in the pursuit of Africa’s industrialization and export development. This collaboration will contribute to fostering sustainable economic growth and development in Africa, among other development outcomes,” added Kamel.