- To scale up energy investments
By Nume Ekeghe
As a further demonstration of African Export-Import Bank’s (Afrexim) mandate to facilitate growth of intra-Africa trade and support the development of African businesses, the bank yesterday in Cairo, Egypt signed financing facilities totalling US$600 million with Heirs Holdings Group, a pan-African proprietary investment holding company.
Heirs Holdings, which has significant investments across Africa, in the financial services, resources, real estate, hospitality and power sectors, would use the facilities to further support its power, oil and gas strategy, as it positions itself as an African leader in integrated natural resources.
The signing ceremony took place at the Afrexim Intra-Africa Trade Conference holding in Cairo.
The proceeds of the facilities would assist the Heirs Holdings Group’s vision of creating a dynamic resource based company, focused on ensuring value creation occurs on the African continent, and that value chains are developed for the direct benefit of the broader African economy and consumer.
President of Afrexim, Dr. Benedict Oramah, who signed on behalf of the bank, said the investment by Heirs Holdings would play a key role in addressing some of the fundamental challenges that have affected the power and energy sectors in Africa.
“A world class energy sector is fundamental to the sustainable growth of businesses in Africa. If we do not deal with these basic matters, growth of trade and exports will always be limited,” he said during the signing ceremony.
Also speaking at the ceremony, the Chairman of Heirs Holdings, Mr. Tony Elumelu, said, “We are delighted to be partnering with Afrexim. The bank continues to play a critical role in the economic and social development of the continent.
“Together, we illustrate that Africa can create world class institutions, which are capable of successfully making the long-term investments necessary for Africa’s economic transformation and catalyse the enabling environment that will unleash Africa’s potential.”