Cairo, 11 July 2023: – The African Export-Import Bank (Afreximbank) and Digiloop, a Mauritius-based leading provider of technology-driven project finance solutions, have signed a memorandum of understanding (MoU) to collaborate in revenue origination, enhancement, and monitoring services across Africa.
The MoU, signed by Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Afreximbank, and Sabelo Sivuyile Maqungo, Managing Director, Digiloop, during the 30th Afreximbank Annual Meetings in Accra, also provides for the two organisations to collaborate in the facilitation of capital raise for infrastructure projects in African countries.
With the objective of supporting African sovereigns with advisory services to boost revenue origination and enhancement as well as capital raise for infrastructure projects and intra-African trade, the MoU sets out a broad framework for cooperation between Afreximbank and Digiloop.
Under the terms of the MoU, Afreximbank will offer its funding products to participating African sovereigns as well as pitch its capital raise advisory services to such sovereigns while Digiloop will undertake the selection of the most suitable sovereign partners and collate and analyze big data from crucial economic sectors, including telecoms and financial services sectors, with the aim of presenting actionable insightful information to regulators in furtherance of effective decision-making and policy formulation. This encompasses areas such as revenue mobilization, telecom regulation, digital security and surveillance, financial transactions oversight and mobility data.
Outlining the benefits of the MoU, Ms. Awani said that the partnership would help to strengthen the affected economies by offering revenue origination, enhancement, and monitoring services and by providing bankability review, facilitation of funding and enhancement of loan repayment sources.
“The collaboration would also boost the sources of repayments for borrowing countries and provide opportunities for new project finance facilities that would help foster economic transformation and development”, added Mrs. Awani.
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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. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched 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. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).
For more information, visit: www.afreximbank.com