Emily Thompson
Fri, Sep 8, 2023 7:15 PM

Afreximbank and Anambra State Join Forces to Transform Development Efforts

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Afreximbank and Anambra State Join Forces to Transform Development Efforts
Afreximbank, in collaboration with the Government of Anambra State, has signed a Memorandum of Understanding (MOU) to enhance the state's development efforts. The agreement encompasses project preparation, advisory services, and a potential debt financing program worth up to $200 million. The partnership aims to identify and fund strategic projects, promote trade and investment, and leverage Afreximbank's capabilities to bridge infrastructure gaps. This collaboration underscores the importance of innovative partnerships in driving sustainable development and economic prosperity in Africa.

AWKA, Nigeria, September 8, 2023 - The African Export-Import Bank (Afreximbank) has entered into a Memorandum of Understanding (MOU) with the Government of Anambra State, Nigeria, to join forces in advancing state development efforts. This collaboration includes offering project preparation and advisory services, with the potential for a debt financing program worth up to $200 million.

The MOU, signed during the Anambra Investment Summit by Mrs. Kanayo Awani, Afreximbank's Executive Vice President for Intra-African Trade Bank, and Prof. Charles Soludo, Governor of Anambra State, outlines a cooperative approach to identify and fund strategic projects. These projects, including the Ikenga Mixed-Use Industrial City, the Anambra Export Emporium, and the Akwaihedi Unubi Uga Automotive Industrial Park, will undergo rigorous assessment for feasibility and financial viability.

Moreover, the MOU sets the stage for both parties to undertake necessary actions to secure financing of up to $200 million from Afreximbank and its affiliated entities, pending a comprehensive agreement.

This partnership also extends to promoting trade and investment within Anambra State through the African Sub-Sovereign Governments Network (AfSNET) and facilitating the implementation of the African Continental Free Trade Agreement. Collaborative efforts will include training and capacity-building, investment forums, and the identification of strategic trade and investment projects, fostering cooperation between sub-sovereign governments in Africa.

Additionally, the MOU covers the provision of transaction advisory services to facilitate debt and equity capital procurement, export development advisory, twinning services, and senior debt structuring.

Mrs. Kanayo Awani emphasized that Afreximbank's mission aligns with Anambra's industrialization goals, particularly its vision for a smart mega city. She highlighted the pivotal role of industrial parks and special economic zones in Africa's infrastructure development and the importance of innovative partnerships, including public-private collaborations, in bridging infrastructure gaps.

Furthermore, she announced Afreximbank's readiness to support Anambra State in promoting similar projects, with discussions already underway to create an industrial park that could generate over 10,000 jobs and attract export-oriented businesses.

Mrs. Awani also discussed Afreximbank's commitment to leveraging its fundraising capabilities in Africa's capital markets to raise funds for impactful infrastructure projects within the state.

She noted that Afreximbank's collaboration with Nigeria had been fruitful, with over $36 billion invested in the Nigerian economy since its establishment in 1993. The bank is currently involved in flagship projects across Nigeria.

As part of its efforts to promote economic development, Afreximbank is implementing AfSNET, a platform that facilitates collaboration between sub-sovereign governments, fosters peer learning, and extends Afreximbank's products and services to where trade and investment occur at the grassroots level.

The 2023 Anambra Investment Summit, held under the theme "Laying the Foundation for a Prosperous and Smart Mega City," saw the presence of Mrs. Awani and other senior Afreximbank officials, underlining the bank's commitment to driving development and prosperity in the region.

Source of content: OOO News 2023-09-08 News

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