Afreximbank disburses $120m to Kenyan investment development firm

Article Enquiry

Email This Article

Sponsored by

FINANCE BACK

Afreximbank disburses $120m to Kenyan investment development firm

As a magazine-and-online subscriber to Creamer Media's Engineering News & Mining Weekly, you are entitled to one free research report of your choice. You would have received a promotional code at the time of your subscription. Have this code ready and click here. At the time of check-out, please enter your promotional code to download your free report.
Email subscriptions@creamermedia.co.za if you have forgotten your promotional code.
If you have previously accessed your free report, you can purchase additional Research Reports by clicking on the “Buy Report” button on this page.
The most cost-effective way to access all our Research Reports is by subscribing to Creamer Media's Research Channel Africa – you can upgrade your subscription now at this link.

The most cost-effective way to access all our Research Reports is by subscribing to Creamer Media's Research Channel Africa – you can upgrade your subscription now at this link.
For a full list of Research Channel Africa benefits, click here

If you are not a subscriber, you can either buy the individual research report by clicking on the ‘Buy Report’ button, or you can subscribe and, not only gain access to your one free report, but also enjoy all other subscriber benefits, including 1) an electronic archive of back issues of the weekly news magazine; 2) access to an industrial and mining projects browser; 3) access to a database of published articles; and 4) the ability to save articles for future reference.
At the time of your subscription, Creamer Media’s subscriptions department will be in contact with you to ensure that you receive a copy of your preferred Research Report. The most cost-effective way to access all our Research Reports is by subscribing to Creamer Media's Research Channel Africa – you can upgrade your subscription now at this link.

If you are a Creamer Media subscriber, click here to log in.

17th July 2023

By: Darren Parker

Creamer Media Contributing Editor Online

Font size: – +

The African Export-Import Bank (Afreximbank) in Nairobi has announced the disbursement of a $120-million financing facility to Djibouti’s Great Horn Investment Holding (GHIH) for the execution of a series of development projects in Djibouti’s Damerjog Industrial Development Free Trade Zone.

GHIH, a State-owned investment holding vehicle of the Government of Djibouti, is responsible for logistics and transportation infrastructure. It holds interest in about 18 of the largest State-owned companies in Djibouti, with a portfolio that includes companies in shipping, bunkering, management of free zones, storage, road transport and port security.

The deal, which was announced on July 17 after a meeting between Afreximbank president Professor Benedict Oramah and Djibouti President Omar Guelleh on the sidelines of the ongoing Summit of Heads of State of the African Union, is part of a total facility of $155-million for work on the free trade zone.

The remaining $35-million is being financed through Banque pour le Commerce et l'Industrie Mer Rouge, or BCIMR, of Djibouti. Proceeds of the facility will be used for the completion of the Damerjog Oil Jetty, which will provide marine connectivity to the free trade zone, and for the construction of a 150 000 m³ first storage depot and oil tank farm, as well as for other costs related to the projects.

The deal, which is Afreximbank’s first in Djibouti in collaboration with GHIH and the government, is targeted at supporting the development of trade-enabling infrastructure to assist Djibouti in achieving its plan to become a regional trans-shipment and logistics hub.

It will also promote intra-African trade, given that Djibouti’s economy is largely based on the provision of marine services to neighbouring nations Ethiopia and Somalia, by offering them a gateway for ocean-borne freight.

In addition, the facility is providing support and capacity to Moroccan construction company SOMAGEC, which is Afreximbank’s intra-African trade champion. Under the intra-African trade champion programme, Afreximbank supports African companies to execute infrastructure projects in other African countries and assists them to compete globally with international players.

“The crucial contribution of this landmark deal lies in its potential to deliver a boost to the development of the industrial capacity of Djibouti and its neighbours by assuring the implementation of critical trade-enabling infrastructure to support bulk handling of liquid products. The establishment of a jetty and bulk port in the Djibouti Free Trade Zone will add significant value to Djibouti’s role as a trans-shipment hub for neighbouring landlocked countries,” Oramah said.

He added that the intra-African trade agenda would continue to emphasise support to African contractors to enable them to win and execute major infrastructure projects across the continent.

Afreximbank has supported the engineering, procurement and construction (EPC) market in Africa with financing and facilitation interventions totalling $13-billion in the last six years. This includes financing of more than $7-billion worth of EPC-related transactions and issuance of trade instruments worth more than $6-billion to support and facilitate the award of contracts to African contractors.

“In line with our multi-year infrastructure investment strategy aiming to position our country as a logistical and commercial hub for the sub-region, we’re meeting this growing demand by delivering the infrastructure necessary to support and enhance the economic and efficient movement of petroleum products in the region while developing a core economic belt with Ethiopia and ultimately an industrial base for East and Central Africa,” GHIH chairperson Aboubaker Hadi Omar said.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Research Reports

Steel 2023: Building a sustainable future Battery Metals 2023: Powering the green economy MORE

Projects

Carnival City Lifestyle Estate residential development project – Phase 1, South Africa 14th July 2023 By: Sheila Barradas Lhyfe Occitanie production facility, France 14th July 2023 By: Sheila Barradas MORE

Latest Multimedia

Eskom system operator doesn’t foresee grid instability should both Koeberg units be offline simultaneously 19th July 2023 By: Terence Creamer Ever-expanding Maltento eyes opportunities in aquaculture, cosmetics 19th July 2023 By: Irma Venter MORE

sponsored by

FOOD & BEVERAGE Nestlé launches R79m local coffee mix production plant in Hammanskraal 19th July 2023 By: Marleny Arnoldi ELECTRICITY Grid still seen as key risk for upcoming renewables round despite reduction in govt guarantee 18th July 2023 By: Terence Creamer PORT OPERATIONS Transnet names ICTSI as new partner for flagship Durban Container Terminal 17th July 2023 By: Terence Creamer ELECTRICITY CRISIS Ramokgopa deeply worried about prospect of both Koeberg units being unavailable due to Unit 1 outage slip 17th July 2023 By: Terence Creamer

Press Office

SSG Consulting SBS Tanks Abeco Tanks Weir Minerals Africa Barloworld Equipment Syspro MORE

Announcements

Konica Minolta Celebrates 150 Years of Evolution, Innovation, and Growth Consumers are apathetic as the state of brand engagement on- and offline disappoints New SaferStops Association: an audacious and bold response to driver safety and wellness Driving affordable and effective training in the motor industry MORE

What's On

Windaba 2023 Conference and Exhibition 7th International conference on Microbes and Beneficial Microbes Smarter Mobility Africa summit 2023 South African Iron and Steel Institute Southern African Steel Summit SEIFSA Awards for Excellence MORE

Subscribe to improve your user experience…

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

Click Here

MAGAZINE & ONLINE

R1500 (equivalent of R125 a month)

Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)

➕

Recieve daily email newsletters

➕

Access to full search results

➕

Access archive of magazine back copies

➕

Access to Projects in Progress

➕

Access to ONE Research Report of your choice in PDF format

RESEARCH CHANNEL AFRICA

R4500 (equivalent of R375 a month)

All benefits from Option 1

➕

Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:

Electricity

➕

Water

➕

Energy Transition

➕

Hydrogen

➕

Roads, Rail and Ports

➕

Coal

➕

Gold

➕

Platinum

➕

Battery Metals

➕

etc.

CORPORATE PACKAGES

Discounted prices based on volume

CLICK FOR A QUOTATION

Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company

➕

Multiple User names and Passwords for simultaneous log-ins

➕

Intranet integration access to all in your organisation

Afreximbank disburses $120m to Kenyan investment development firm

About The Author

Leave a reply Cancel reply

Contacts

Recent News