Afreximbank signs MoU with the African Energy Chamber to promote the growth of Africa’s energy sector 

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Afreximbank President Professor Benedict Oramah (left) and AEC Executive Chairman NJ Ayuk in handshake after signing of the MoU in Cape Town on 18 October 2022.

Cape Town, South Africa,28 October 2022 –African Export-Import Bank (Afreximbank) has entered into a Memorandum of Understanding (MoU) with the African Energy Chamber (AEC). The agreement provides a framework for collaboration to facilitate the harmonisation of the two institutions’ mutual efforts in support of the African energy sector.

The MoU was signed by both Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, and NJ Ayuk, Executive Chairman of the African Energy Chamber, at the opening ceremony of the African Energy Week on 18 October in Cape Town, South Africa.

The agreement outlines key areas of collaboration and mutual interest, primary among these being capacity building, advocacy and financing of African companies and infrastructure projects in the energy sector.

Speaking at the singing ceremony, Afreximbank President Prof Benedict Oramah,commented: “We are very pleased to conclude this MoU with the AEC. For so long we have been looking for a committed and courageous connecting voice with intellectual depth and research capacity. We believe that by working with the AEC, we can begin to make great transformations in bringing energy to our people and reducing the number of people who do not have access to clean cooking and electricity. As we launch the African Energy Transition Bank, we also look forward, through this MoU, to the AEC becoming part of the instruments that will allow us to use finance to change the course of history in terms of energy access on the continent.”

Also speaking, NJ Ayuk, Executive Chairman of the AEC, said: “I believe the deal is not for the African Energy Chamber but for private sector individuals that continue to drive energy sector growth. I would like to thank Afreximbank for bringing us an opportunity to bring more private sector players across the African energy industry. we can engage people working on mini-grids and local service and finance companies and encourage them to stimulate the growth of the sector.”

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About Afreximbank

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys 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. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2021, the Bank’s total assets and guarantees stood at about US$25 billion, and its shareholder funds amounted to US$4 billion. Afreximbank disbursed more than US$51 billion between 2016 and 2021. The Bank has ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). The Bank is headquartered in Cairo, Egypt.

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