As part of the ongoing activities marking the 24th yearly general meeting of the (Afreximbank), it is facilitating the growth of intra-African trade by signing agreements to provide financing facilities totalling $1.11 billion to support African entities.
This includes $1 billion to the African conglomerate Dangote Industries Limited. The terms of the MOU with Dangote Industries Limited provides for credit facilities, “which may be granted by Afreximbank to Dangote Industries Limited and its subsidiaries in an aggregate amount of up to one billion dollars”.
The facility brief notes that Heirs Holdings has a portfolio of investments in key sectors in 20 African countries, including energy, financial services, real estate and hospitality.
Also signed during the day was a facility agreement for a $10 million amortising term loan facility to the Development Bank of Rwanda Limited (BRD) to support the development of power and manufacturing projects in the country.
A note on the seven-year facility said that it would finance projects that were in line with Afreximbank’s strategy aimed at promoting industrialization and export development and would contribute to an increase in Rwanda’s electricity generation and consumption, thereby enhancing the growth of the country’s manufacturing and export sectors.
President of Afreximbank, Dr. Benedict Oramah, signed the agreements on behalf of the Bank while Aliko Dangote, President of Dangote Industries Limited; Tony Elumelu, Chairman of Heirs Holdings; and Alex Kanyankole, Chief Executive Officer of BRD, signed on behalf of their respective organisations.
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