African Export-Import Bank (Afreximbank) has announced the signing of the term sheet for $190 million facility for Made In Africa Inc. (MIA) to enable it to finance the acquisition of African Fabric Holdings BV, Netherlands, also known as Vlisco Group.
The facility, which was broken into two tranches, will also be used to provide working capital to Vlisco group following the acquisition.
Managing Director of Afreximbank’s Intra-African Trade Initiative, Kanayo Awani, signed on behalf of the Bank while Kojo Annan, Chairman and Founder of MIA, signed for the company during a ceremony held on the sidelines of Creative Africa Exchange Weekend (CAX WKND) recently held in Kigali.
Vlisco Group designs produce and distributes fashion fabrics, especially of the African wax print style, for the West and Central African market and African consumers in global metropolitan cities. Its fabrics have grown into an essential part of African culture, receiving widespread attention from the art, design and fashion worlds.
CAX WKND, which is featuring more than 2,000 participants and 250 exhibitors from 68 countries, is organised by Times Multimedia and sponsored by Afreximbank and other partners, as the opening act of activities planned under the CAX Programme to bring together African creative talents from the music, arts, design, fashion, literature, publishing, film and television sectors.