Afreximbank processing $1bn facility to boost Zimbabwe’s public, private sector entities

Dr Benedict Oramah, the President of African Export-Import Bank (Afreximbank). says the bank is currently processing one-billion dollar deals to boost public and private sector entities in Zimbabwe.

A statement by Mr Obi Emekekwue, the bank’s Head of Corporate Communication and Event Management, said Oramah made the disclosure during the bank’s Board of Directors meeting in Harare.

Oramah said Afreximbank’s interventions in Zimbabwe had been deep and far-reaching with cumulative disbursements during the last decade to over $3 billion.

He said that Afreximbank’s relationship with Zimbabwe dated back more than two decades and had grown into a “solid marriage” so strong that no crisis could put it asunder.

Oramah said the bank would soon transform its buildings in Africa into iconic business complexes.

He said the buildings would offer such facilities as a large auditorium conference centre, a trade information centre, corporate rental office space for trade promoting bodies, export credit agencies and commercial banks, among others.

He said that Zimbabwe, which had allocated land to the bank for such a project, would be the first beneficiary of the concept.

“The project, when completed, will transform Zimbabwe into an intra-African trade hub, a centre of knowledge and information about markets, and a centre where major deals can be struck.”

“The project will also accelerate the transformation of the neighbourhood into a business district and will enable Afreximbank to expand its operations in Southern Africa in size, scope and complexity,” Oramah said.

Earlier, Saviour Kasukuwere, the Minister of Local Government, Public Works and National Housing of Zimbabwe, who handed over the title, described Afreximbank as a partner-African institution that had stood by the country.

Kasukuwere said Afreximbank’s construction of its permanent Branch Office in Zimbabwe would further cement a relationship that had demonstrated reliability beyond doubt, especially over the last 17 years.

Patrick Chinamasa, the Minister of Finance and Economic Planning, said that the donation of the land to Afreximbank was a demonstration of the commitment of the government and people of Zimbabwe to the ideals and the mandate of the bank.

Chinamasa said Afreximbank’s support to Zimbabwe had made the country’s journey more bearable following the withdrawal of international banks from there about 20 years ago.

Noting that Zimbabwe was the bank’s third largest shareholder, he pledged that the country would not hesitate to follow its rights when any new subscriptions were called for.

Afreximbank is a foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.

The bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.
The bank is headquartered in Cairo.