Cairo, 15 June 2022 – African Export-Import Bank (Afreximbank) today in Cairo signed a cooperation agreement with Arise Integrate Industrial Platform (Arise IIP), establishing a partnership through which the Bank will offer financial and non-financial interventions to tenants in Arise Industrial Parks (IPs).
The signing of the deal took place on 15 June 2022 on the sidelines of the 29th Afreximbank Annual Meetings (AAM2022) taking place in Cairo. The agreement was signed between Professor Benedict Oramah, President and Chairman of the Board of Director of Afreximbank and Gagan Gupta, Founder and CEO of ARISE IIP.
Under the terms of the agreement, the Bank will support economic operators in Arise Industrial Parks, utilizing various instruments including trade finance, project finance, project preparation, SME development capabilities, Advisory Services, FEDA, Afrexinsure and PAPSS. The agreement also enables Afreximbank and Arise IIP to collaborate on the establishment of laboratories for testing, inspection and certification services for goods produced in Arise IPs leveraging the African Quality Assurance Centre (AQAC).. AQAC, which is one of Afreximbank’s flagship initiatives under the Industrialization and Export Development Pillar of its current strategic plan is intended to facilitate the compliance of African produce with international trade standards through the establishment of Quality Assurance Centres.
Today’s agreement reflects a long standing and increasingly strategic relationship between Afreximbank and Arise IP. It serves to deepen their collaboration on promoting, facilitating, and supporting industrialisation initiatives across Africa. In this context, Arise IIP’s expertise in designing, building, and operating integrated industrial zones is extremely valuable to Afreximbank’s strategic objectives.
Arise IIP has a strong track record in terms of executing ambitious projects as evidenced by facilities such as the Gabon-based “591 Ha Special Economic Zone, Nkok SEZ”, dedicated to timber processing, and the development of a new 1.2 million MT mineral and specialized bulk terminal, also in Gabon.
Afreximbank’s work with Arise IIP reflects its conviction that the African economy possesses important comparative advantages, including abundant natural resources and modest labour costs. However, both institutions recognise that Africa’s industrial potential continues to be hampered by issues such as the non-conformity of African goods with international standards and technical regulations, as well as the inability to test and certify local produce for export.
Arise IIP is a key stakeholder in the structural transformation of African economies, as a major facilitator of industrialization and value-added production. Afreximbank’s partnership with Arise IIPenables the Bank fulfil its objective to enhance manufacturing competitiveness and accelerate industrialisation in Africa.
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