Afreximbank targets $700m to support Mali’s agro-processing, infrastructure projects

Elizabeth Christopher, Abuja

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The African Export-Import Bank (Afreximbank) says it will arrange $700 million multi-sourced finance to focus mainly on agro-processing, transport logistics, tourism, trade and the financial sector in Mali.

The President of the Bank, Dr. Benedict Oramah, who announced in Bamako after a meeting with President Ibrahim Boubacar Keita of Mali, said that the support would target activities aimed at increasing the country’s industrial capacity in cotton processing and at developing the transport and hotel infrastructure.

“We have identified a number of projects to support Mali’s economic development, they includ the financing of an industrial park along the border with Burkina Faso and Côte d’Ivoire; the development of the country’s aviation sector; the construction of cross-border railway infrastructure; and financial support to the local banking industry”. Dr Oramah explained.

He added that the Bank would deploy its Food Emergency Contingent Trade Financing Facility in the country to enable Mali mitigate and efficiently manage vulnerability to drought by substituting physical food reserves with readily available financing to import equivalent volumes of food in case of an emergency.

President Keita who commended Afreximbank for its support, gave assurance of his country’s commitment to facilitate the Bank’s future endeavors in Mali.

“As a landlocked country with over 1.2 million square kilometres of land, Mali requires robust cross-border transport linkages,” he stated.

According to him, the country’s development relied strongly on regionally integrated projects where efforts could be combined to maximize returns.

The new projects and initiatives to be supported by Afreximbank will complement the Bank’s already strong support to the tourism and hospitality sector.

 

Peace PIAK