The agreement, signed on the sidelines of the 30th Afreximbank Annual Meetings (AAM2023), is expected to boost the local dairy sector and associated value chains in Mauritania and to help standardize the industry.
According to the agreement, the development of the dairy processing and bottling plant, which fits within Afreximbank’s industrialization and export development strategy, will facilitate and provide financing for the manufacturing sector through agro-processing and light manufacturing.
In addition, Afreximbank entered a working relationship with Digiloop, a limited liability company focused on enhancement and monitoring of external and internally generated revenues, for collaboration in revenue origination, enhancement and monitoring services as well as bankability reviews for African countries on behalf of the Bank.
The memorandum of understanding (MOU), signed by Ms. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, for Afreximbank, and Sabelo Sivuyile Maqungo, Managing Director, Digiloop, provides for Digiloop to track the facilitation of capital raise and enhancement of security loans on the back of existing or new streams of revenue for the Bank.
The Bank also signed two other MOUs, with Banque De Developpement Des Etats De L'afrique Centrale (BDEAC) and New Hayven Merchant Bank of Guyana, aimed at catalyzing trade, commerce and investment for the growth of the economies in the African and Caribbean regions.
The MOU with BDEAC provides a broad framework for cooperation and collaboration between Afreximbank and BDEAC in harmonizing efforts for the promotion of trade and economic development regarding such areas as equity participation, facilitation of the identification, preparation and co-financing of projects, capacity building and consultation and sharing of information.
The MOU with New Hayven Merchant Bank of Guyana provides for the Guyanese private sector and the government to identify business opportunities and projects that would be profitable for investors and that would contribute to Guyana’s growth and development. Such opportunities will focus on economically sound businesses and projects that would create manufacturing, agriculture, technology transfer and service jobs for Guyana.
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African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying 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. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).