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APO International

Afreximbank Named African Bank of the Year for the Second Year Running, also Clinches Deal of the Year in Infrastructure

todayMay 30, 2024 5

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For the second year in a row, African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has emerged as a double winner at the African Banker Awards, winning both the ‘Bank of the Year’ and ‘Deal of the Year (Infrastructure)’ awards. This prestigious recognition was announced at the awards gala ceremony held in Nairobi and attended by over 300 of the continent’s leading figures in banking and finance. 

The award organisers highlighted Afreximbank’s exceptional performance across various metrics, key among them, “considerably changing the banking landscape by reaching out to new customers, offering new services, adopting inclusiveness by bringing the unbanked into the banking space, making use of new technologies, and helping to drive growth through a stronger financial sector.”  

The Bank of the Year award reflects Afreximbank’s outstanding financial performance, as the Group’s results for the financial year ending 31 December 2023 showed remarkable strength and resilience, surpassing the previous year’s performance.

In the Deal of the Year – Infrastructure category, Afreximbank was honored for its USD 155 million investment in Great Horn Investments Holding (GHIH). This funding supports a series of development projects in Djibouti’s Damerjog Industrial Development Free Trade Zone. The deal was announced last year following a meeting between Afreximbank President Prof. Benedict Oramah and President of Djibouti Omar Guelleh, during the 2023 Summit of Heads of State of the African Union that was also held in Nairobi.

Speaking during the award ceremony, Prof. Benedict Oramah, President and Chairman of Board of Directors, Afreximbank noted: “We are extremely delighted to win both the Bank of the Year and The Deal of the Year for Infrastructure as these awards underscore our expertise in development financing. I accept these awards on behalf of the hardworking staff of Afreximbank, our customers and partners, and also the Alliance for African Multilateral Financial Institutions who work tirelessly to make the change that Africa needs. Many of our members have excelled in tonight’s ceremony and this demonstrates the magnitude of their continual contribution towards meeting the development needs of our great continent — including infrastructure, trade, SME lending among others.”

The Deal of the Year – Infrastructure award is particularly significant for Afreximbank as it marks the Bank’s first collaboration with GHIH and the government of Djibouti. This partnership aims to help Djibouti achieve its goal of becoming a regional trans-shipment and logistics hub. This project will greatly promote intra-African trade, given Djibouti’s strategic location in the horn of Africa and support neighbouring economies such as Ethiopia and Somalia through access to freight services.

The facility is critical to Djibouti’s economic development as the funds will be used for the completion of the Damerjog Oil Jetty, expected to provide marine connectivity to the free trade zone, and for the construction of a 150,000m³ first storage depot/oil tank farm, as well as for other costs related to the projects. This will greatly help develop Djibouti’s infrastructure and its vision of becoming a ‘regional transport hub’ by 2035.

Now in its 18th edition, the African Banker Awards celebrate the achievements of individuals and institutions that have contributed significantly to the growth and development of Africa’s Banking sector over the past year.

Distributed by APO Group on behalf of Afreximbank.

Media Contact:
Vincent Musumba
Manager
Communications and Events (Media Relations)
Email: press@afreximbank.com
Tel: +20 2 24564100 /1/2/3

About Afreximbank:
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 effectively participating in the AfCFTA. At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. 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”). The Bank is headquartered in Cairo, Egypt.

For more information, visit: www.Afreximbank.com

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