Afreximbank provides US$130 million facility to Setway Industries Limited

Categories: News

Mr. Rene Awambeng, Director & Global Head, Client Relations, Afreximbank (Left) and Mr. Hassnein Mamadataki, CEO of Setway Industries Limited (Right)

Setway Industries Limited is a Mauritius based Export Trading company which is primarily driving exports from Mozambique, as well as driving importation of critical hardware materials and other materials for sale to the productive sectors of Mozambique. The Bank is considering support by providing USD 130 million facility to Setway Industries Limited to ensure Setway Industries is capacitated for operationalization of its business and create jobs from its current 308 staff complement to 480, while increasing its support from 500,000 farmers to 800,000 farmers in 3 years time.

Setway’s operations will result in increased foreign currency generation from an amount of USD 189 million to USD 354 million thereby supporting respective economies’ foreign currency generation. The Bank will consider supporting an African Export Trading Company to create a significant development impact in Africa.