Afreximbank, AEICorp, EximBank agree to foster sustainable capacity

African Export-Import Bank (Afreximbank), the pan-African multilateral EXIM bank, and the African Energy Investment Corporation (AEICorp), have signed a Framework Agreement that will enable them to collaborate in areas of common interests.

Afreximbank has recently explained that the agreement will also allow it and AEICorp, which is an affiliated entity of the African Petroleum Producers’ Organization (APPO) that was established to support the development of Africa’s hydrocarbon and energy sectors to coordinate their various initiatives in Africa, and foster the sustainable capacity of African countries.

The bank stated that the Hon. Minister of Petroleum and Mineral Resources for Egypt, H.E Tarek El Molla expressed his happiness that Egypt had been selected by the APPO’s ministerial council to lead the negotiations between the different parties.

He emphasized that Egypt would continue to work on enhancing cooperation among African Countries as part of its role towards the African Continent.

Commending the Egyptian Minister for Petroleum and Mineral Resources for the leadership role he played in getting the agreement concluded, H.E Dr Omar Farouk, Secretary General of the APPO noted that the event marked a watershed in the quest for cooperation and collaboration among development institutions on the African continent.

The Framework Agreement will enable the development of a solid plan to push investment across Africa in the energy and mining sectors; nevertheless, Afreximbank has taken upfront moves to create an alliance of banks to boost this promising plan. This alliance of joint banks will cover the geographical scope of the entire African continent, in addition to other countries outside Africa.

Speaking during the signing ceremony, Prof. Benedict Oramah, President of Afreximbank, said that the Bank’s solid experience in financial advisory services would allow AEICORP to mobilize the funds necessary to initiate its activities as well as successfully run the corporation‘s debt and equity investment operations across its target sectors.

“Afreximbank is proud to be part of this effort and is eager to provide AEICORP with the benefits of its knowledge of the Continent; knowledge of financing extractive industries; and skills in structuring complex transactions,” stated Prof. Oramah.

“Afreximbank‘s support will include cooperating with AEICORP to facilitate market penetration plans as well as developing projects across Africa. The Bank is looking forward to working alongside AEICORP for the development and transfer of skills, and the leveraging of existing relationships to fast track the institutionalization of AEICORP on the Continent,” he added.