Afreximbank President Visits Democratic Republic of Congo, Announces Interest in Brazzaville-Kinshasa Bridge

Categories: News

President Felix Tshisekedi of the Democratic Republic of Congo (right) in handshake with Afreximbank President Prof. Benedict Oramah, during the Afreximbank state visit to the DRC

Kinshasa, 31 May 2019: – The African Export-Import Bank (Afreximbank) is interested in participating in the syndicated facility for the construction of the bridge between Brazzaville and Kinshasa to link the two Congos, Bank President Prof. Benedict Oramah announced in Kinshasa on Wednesday.

President Oramah who was briefing President Felix Tshisekedi of the Democratic Republic of Congo (DRC), when he led an Afreximbank delegation on a state visit to the Congolese President, said that the Bank’s other areas of interest in the country included the power and energy development project at the INGA 3 Dam, attracting foreign direct investment into the mining sector and attracting its Intra-African Trade Champions and foreign investors into the country for capacity building, partnership and financing.

He noted that the Bank had been providing ongoing support to the DRC, particularly in the areas of infrastructural development, such as roads and bridges, provision of a refinancing window to commercial banks through the Banque Centrale du Congo which allowed banks provide long term financing to support investments, and support for local content promotion for extractive industries to provide advisory services to develop local content policy and financing models.

Prof. Oramah, who also briefed President Tshisekedi about the Bank’s products, services and facilities and expressed the Bank’s readiness to support the DRC’s development agenda, took the opportunity of the visit to commiserate with President Tshisekedi on the death of his father, Etienne Tshisekedi, a former Prime Minister of the DRC.

Mr. Tshisekedi commended Prof. Oramah and Afreximbank for their invaluable support to the DRC’s economic expansion and expressed the country’s commitment to facilitating the execution of the Bank’s transactions.

He noted that there were many projects and opportunities in the DRC which the Bank could tap into and said that the government’s major priority areas included education, healthcare, governance and local content promotion, which was a major focus of the development strategy for indigenous companies.

According to the President, the government’s focus is the development and enhancement of the vital roles that locals can play in the economic development of rural communities.

Accompanying the Afreximbank delegation were Ahmed Elsewedy and Walid Loukil, chief executive officers of Elsewedy Electric and the Loukil Group, two of the Bank’s Intra Africa Trade Champions with business interests in the DRC, which the Bank is supporting.

Elsewedy plans to invest $400 million in solar projects, transmission lines, prepaid meters and water in the DRC while the Loukil Group in pursuing market sounding for the expansion of storage facilities for refined oil products.

The two companies gave presentations about their groups and the services they could provide. Elsewedy subsequently signed two memorandums of understanding, one with Societe Nationale D’Electricite of the DRC for a solar plant, a sub-station, supply of prepaid electrical meters and electricity transmission lines, and the other with Regideso, the national water corporation.

The Intra-African Trade Champions programme supports companies with proven intra-African trade experience, operations and with value chains spanning across countries with interventions, which include financing, market access and technical assistance.

The Afreximbank delegation also included Rene Awambeng, Director and Global, Head Client Relations; Ekene Uzor, Special Assistant to the President on Banking and Strategy; Alain-Thierry Mbongue, Regional Chief Operating Officer, Francophone West and Central Africa; Ayman El-Zoghby, of the Intra-Africna Trade Initiative; Adaeze Anyaoku of the Communications and Events Department; and Yikilah Ndahne of the Office of the President.

—–

Media Contact: Adaeze Anyaoku (aanyaoku@afreximbank.com; Tel. +202-2456-4055)

—–

Follow us on Twitter: @Afreximbank                         Like us on Facebook: Afreximbank

Follow us on Instagram: @Afreximbankofficial                         Follow us on Linked-in: Afreximbank

About Afreximbank: The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, it has approved more than $67 billion in credit facilities for African businesses, including $7.2 billion in 2018. Afreximbank had total assets of $13.4 billion as at 31 December 2018. It is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The Bank is headquartered in Cairo. For more information, visit: www.afreximbank.com