The African Export-Import Bank (Afreximbank) will partner with international investors and contractors who want to invest in the area of infrastructure development in Africa, a senior Bank representative has said.
Denys Denya, Afreximbank’s Executive Vice President for Finance, Administration and Banking Services, told participants at the Fifth Infrastructure Investment and Construction Forum in Macau that it was only through such partnerships that the tremendous financial resources needed to lift Africa’s infrastructure could be accessed.
He said that the Bank was committed to working with African and non-African partners to leverage term financing to support the development of infrastructure projects such as ports and harbours, airports, telecommunications, and power plants in Africa in order to raise the quantum and quality of infrastructure needed to support intra- and extra-African trade.
“We understand that markets have long memories and short vision so our goal is to give comfort to investors who still see Africa from the prism of the 1980s and early 1990s when the continent was literally seen as a basket case and not the bread basket it is emerging as,” continued Mr. Denya. “We are committed to providing facilities and assistance that will enable a prospective investor to feel comfortable to invest in Africa. Our facilities provide both funded and unfunded (risk bearing) solutions that will address the needs of foreign investors.”
Citing examples of the Bank’s work, he noted that Afreximbank has supported power sector investments across the continent, including in Zimbabwe, Nigeria, Zambia, Ghana, and Cameroon; financed telecoms in numerous African countries, most with Chinese content and support; supported manufacturing and tourism infrastructure in west, east and southern Africa; and provided cover to investors worried about payment risks of African entities.
The Forum was organized by the China International Contractors Association (CHINCA) and Macao Economic Services.