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Home Business & Finance

Afreximbank Approves $370 Million for Infrastructure Development in Africa

Nnaemeka OkwarabyNnaemeka Okwara
November 14, 2024
in Business & Finance
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Afreximbank Approves $370 Million for Infrastructure Development in Africa
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The African Export-Import Bank (Afreximbank) has agreed to provide more than $370 million to help build infrastructure in various African countries, including Nigeria. This announcement was made at a special event in Lagos called the Intra-African Engineering, Procurement, and Construction (EPC) workshop. The event was designed to help African companies win and complete big construction projects.

Important agreements were made, such as giving $300 million to Egypt’s Hassan Allam, $45 million to Sierra Leone’s Pavifort Construction, and $25 million to Africa Cement in Burkina Faso. The workshop also discussed how Africa needs to spend $100 billion each year on infrastructure, but often, companies from outside Africa get most of these contracts.

Ayman El-Zoghby, Director of Afreximbank’s Intra-African Trade Bank, highlighted the bank’s dedication to fixing Africa’s infrastructure issues by offering financial help and chances to African contractors through the recently introduced Afreximbank-EPC Tenders Platform. This platform helps connect projects and encourages skill improvement, technology sharing, and partnerships between African and international companies.

The event also focused on working with local governments to create stable conditions, improve debt management strategies, and boost the global reputation of African contractors.

El-Zoghby said, “This workshop shows our commitment to improving Africa’s infrastructure by giving local contractors financial, technical, and risk management resources. By doing this, we not only fix the infrastructure problems but also promote economic growth, job creation, and regional cooperation.”

Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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