NIB, Afreximbank sign €100ml loan facility to finance projects in Africa

Elizabeth Christopher, Abuja

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The Nordic Investment Bank (NIB) and the African Export-Import Bank (Afreximbank) have signed a 10-year loan programme of €100 million to finance various infrastructure projects in African countries.

According to the NIB President, Henrik Normann, the loan programme would allow NIB to support export projects that include service and equipment deliveries from the Nordic and Baltic countries.

The EUR 100 million made available to Afreximbank under the joint facility would be used for financing eligible investments, which mainly include projects within infrastructure, such as energy, telecom, industrial parks and special economic zones, roads, railways and harbours.

“We are pleased to announce our cooperation with Afreximbank in facilitating investments in African countries. Providing long-term capital to projects of mutual interest supports innovation and environmental protection“, said Henrik Normann, NIB President.

“The facility will enhance Afreximbank’s capacity to implement our current strategy, which prioritizes industrialization and export development, by providing medium to long-term financing for trade enabling infrastructure projects in our member states,” said Amr Kamel, Executive Vice President, Business Development and Corporate Banking, at Afreximbank.

He also expressed confidence that the facility would have a significant impact on the Africa continent in terms of industrial development.

“We are delighted that the Nordic Investment Bank has chosen to partner with us in the pursuit of Africa’s industrialization and export development. This collaboration will contribute to fostering sustainable economic growth and development in Africa, among other development outcomes,” added Mr. Kamel.

Peace PIAK