Cairo, 21 July 2021: – African Export-Import Bank (Afreximbank) has closed a EUR 59.2 million Intra Africa Investment Finance Facility to finance Vista Group Holdings SA’s acquisition of majority stakes in Banque Internationale pour le Commerce et l’Industrie de la Guinée (BICIGUI) and Banque Internationale pour le Commerce, l’Industrie et l’Agriculture du Burkina (BICIAB).
The stakes in the two banks, which operate in Guinea and Burkina Faso respectively, are being acquired from BNP Paribas who is exiting these markets for operational reasons. The shift to African control under Vista will unlock a major evolution in the services offered by BICIGUI and BICIAB, including agency banking outlets, affordable mobile banking solutions and increased availability of microfinance.
Enhancing the offering from the two banks, Vista will create opportunities for both direct and indirect employment in Burkina Faso and Guinea. Its strategy will reach more of these countries’ underbanked populations, bringing a greater proportion of people into the formal economy and offering them the full benefits of a broad spectrum of financial services. For the economies of Burkina Faso and Guinea, Vista’s strategic plan will help improve access to finance for businesses, boosting productivity and economic development.
Prof. Benedict Oramah, President of Afreximbank, said:
“Guinea and Burkina Faso are both nations with huge potential. I am confident that with Vista’s leadership, BICIGUI and BICIAB can take a major step forward and act as a catalyst for broad-based growth and prosperity.
This deal is a signal to the wider financial community: these countries are open for business and ready for investment. By channeling African Direct Investment, we can create new jobs, unlock business potential, and bring valuable services to unbanked communities.”
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About Afreximbank
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys 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. The Bank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed more than US$6.5 billion in 2020 to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has completed the development of a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.
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Media Contact: Amadou Labba Sall, asall@afreximbank.com