In a bid to drive the growth of intra-Africa trade and support the development of African businesses, the African Export-Import Bank (Afreximbank) signed a $600 million financing agreement with Heirs Holdings Group.
According to a statement signed by Afreximbank’s Head of Media, Mr. Obi Emekekwue yesterday in Abuja, was signed in Cairo on Tuesday.
Afreximbank’s President signed on behalf of the Bank while Chairman of Heirs Holdings, Tony Elumelu, signed for the Company.
The statement quoted the bank’s President Prof. Benedict Oramah, as saying that the agreement will further drive its mandate in the continent.
The Heirs Holdings Group, is a pan-African proprietary investment holding company that has investments in the financial services, resources, real estate and hospitality and power sectors across the continent. Heirs Holdings plans to deploy the facilities to further support its power, oil and gas strategy.
Oramah said the Bank will continue its strong relations with the company commending its potential role in addressing some of the fundamental challenges that affects the power and energy sectors in the continent.
In his remarks, the Chairman of Heirs Holdings, said the proceeds of the facilities would support the Group’s vision of creating a dynamic resource-based division focused on ensuring value creation on the African continent.
“We are delighted to be partnering with Afreximbank, the Bank continues to play a critical role in the economic and social development of the continent.
He said it would also ensure the development of value chains that directly benefit the broader African economy and consumer.
