Yaoundé, 25 January 2024: – The African Export-Import Bank (Afreximbank) today in Yaoundé signed a EUR200 million financing facility to support the Government of Cameroon in the implementation of its National Development Strategy.
Dr. George Elombi, Executive Vice-President, Governance, Legal and Corporate Services, signed the facility agreement on behalf of Afreximbank while Louis Paul Motaze, Minister of Finance, signed for the Government of Cameroon during a ceremony held at the headquarters of the Ministry of Finance.
Under the terms of the agreement, the Government of Cameroon will deploy the facility to implement trade enabling infrastructure projects approved in the country’s financing plan as part of the national development strategy.
Commenting on the agreement, Dr. Elombi said: “This facility reflects Afreximbank’s continued commitment to transforming African economies through the development of African trade and will enable the Republic of Cameroon to invest in strategic infrastructure for economic and social development. The financing will also pave the way for additional partnerships to be developed between Afreximbank and the government to support the structural transformation of the economy.”
Dr. Elombi added that Afreximbank was committed to increasing its presence in Central Africa and to supporting the development of trade in the region, saying that he was confident that the financing would have a regional impact given Cameroon’s role as an economic leader in the Central African Monetary and Economic Union.
A milestone in the relationship between Afreximbank and the Government, the facility is the largest financing facility ever provided by the Bank in support of Cameroon’s economic development.
-ENDS –
About Afreximbank:
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 September 2023, Afreximbank’s total assets and guarantees stood at over US$33.4 billion, and its shareholder funds amounted to US$5.8 billion. The Bank disbursed more than US$104 billion between 2016 and 2023. 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”). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.afreximbank.com