The Anambra State Government led by Professor Charles Soludo has successfully raised a $200 million facility from Afreximbank towards enhancing the state’s development through the provision of project preparation, advisory services as well as debt refinancing.
The announcement was made during the Anambra Investment Summit, even as the state emphasised that the facility will be for strategic projects, a joint release by both the Anambra State Government and Afreximbank stated.
“Afreximbank will work with the state government to establish bankability for key projects, including the Ikenga Mixed-Use Industrial City, the Anambra Export Emporium and the Akwaihedi Unubi Uga Automotive Industrial Park, as well as any other project agreed upon by the parties.
“In addition, the MOU provides for the parties to collaborate on trade and investment promotion in Anambra State through the African Sub-Sovereign Governments Network (AfSNET) and facilitate the implementation of the African Continental Free Trade Agreement.
“The Bank will work with the Anambra State Investment Promotion and Protection Agency to provide training and capacity building on trade and investment, undertake investment forums, identify, and prepare strategic trade and investment projects and foster collaboration between sub-sovereign governments in Africa. The AfSNET network is expected to facilitate direct exchange of information and peer learning from sub-sovereign governments in Africa,” Afreximbank announced last week.
Afreximbank added that other areas of collaboration include facilitating the procurement of debt and equity capital, in addition to providing export development advisory services, twinning services and senior debt restructuring.
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.
Commenting on the deal, Kanayo Awani, Afreximbank’s Executive Vice President, Intra-African Trade Bank, who represented Prof Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, said the bank’s mission aligned with the industrialisation objectives of Anambra State.
She said: “These facilities do not only optimize capital deployment but also drive economies of scale and nurture ecosystem development. They also enable the use of otherwise inaccessible technologies and cutting-edge infrastructure.
“Just as we have championed the transformative potential of industrial parks and special economic zones across Africa through public and private sector collaboration, committing over US$1.5 billion so far to the realization of these projects, Afreximbank is ready to support Anambra State, as it is doing in Ogun and Abia States (Enyimba Industrial City), to promote similar projects here.”
The maiden Anambra Investment Summit was held last week in Awka, the state capital, with a promise to make the state a destination lounge for investors in infrastructure development, agriculture, power generation, urban renewal and rail feasibility.
