The Nordic Investment Bank (NIB) and the African Export-Import Bank (Afreximbank) have signed a 10-year loan programme of EUR 100 million to finance various infrastructure projects in African countries.
The €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.
Afreximbank’s Head of Communications and Marketing, Obi Emekekwue, told The Daily Times on Tuesday that the loan programme would allow NIB to support export projects that include service and equipment deliveries from the Nordic and Baltic countries.
All projects considered for financing will be analysed by NIB from a sustainability perspective for their impact on productivity as well as any potential impact on climate change mitigation and the environment.
Henrik Normann, NIB President & CEO, said that they were pleased to announce their cooperation with Afreximbank in facilitating investments in African countries.
The Executive Vice President, Business Development and Corporate Banking, at Afreximbank, Amr Kamel, said that the facility would enhance Afreximbank’s capacity to implement its current strategy, which prioritises industrialization and export development, by providing medium to long-term financing for trade enabling infrastructure projects in member states.
“We are confident that the facility will 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 industrialisation and export development. This collaboration will contribute to fostering sustainable economic growth and development in Africa, among other development outcomes,” Kamel added.