x

Afreximbank Launches $15 m APPF to investment boost in Africa

By Onu Okorie

African Export-Import Bank (Afreximbank) has launched a Project Preparation Facility APPF, of $15 million aimed at increasing the availability of viable well-prepared projects in Africa and at making such projects bankable and attractive to investors.,
 The President Afreximbank, Prof. Benedict Oramah who stated this at the lunched recently in Johannesburg, South Africa said the facility supports the Afreximbank’s mandate and strategy which seeks to promote intra-African trade and industrialization and export development activities in the continent.
Oramah said that the facility would support transactions that sought to implement logistical platforms that supported export growth and diversification, or facilitated the assimilation of African commodities into global value chains, or increased the volume and flow of tradable goods and services along Africa’s trade corridors.
“The Africa Investment Forum, will provide technical and financial support to early stage companies in the preparation and development of projects from conceptual stage to bankability stage, the point at which such projects can attract interest from equity investors and debt financiers.
He said the APPF with an initial seed capital investment of up to $15 million.
Also speaking, Tshepo Mahloele, Chief Executive Officer of Harith General Partners, a leading pan-African infrastructure developer, lauded the APPF as “a bold step in the right direction to assist Africa to unleash its full potential through de-risking of investments early on in the project preparation cycle”.
Mr. Mahloele, who noted that the project preparation step was often overlooked in the pursuit of quick returns, said that Harith had ensured efficient and professional preparation of infrastructure projects. According to him, Africa has long been at the mercy of poor planning, leading to infrastructure project backlogs that has limited GDP growth by at least 2 per cent per annum.
Afreximbank’s intervention will complement ongoing project preparation initiatives and culminate in shortening the project preparation cycle, thereby fast-tracking Africa economic development, he said.
Zitto Alfayo, Manager, Project Finance, said that the APPF would be operated on full cost recovery basis and would be primarily open to African governments, public-private partnerships and private corporates.
The specific sectors of intervention were activities related to development of logistical platforms, such as industrial parks, value added projects supporting manufacturing and services exports, tradeable services, ICT and trade enabling infrastructure encompassing energy, transport and logistics sectors.

Hot this week

Governor Yusuf Reaffirms Commitment to Transforming Kano State

By Jabiru Hassan Kano State Governor, Alhaji Abba Kabir Yusuf,...

CSGGG Hails Rivers Sole Administrator’s Leadership

…Says Peace Brokered, Trust Restored…Lauds Transformative Governance, Credits Tinubu’s...

2027: Group Urges Pharmacist John Chun to Contest Riyom/Barkin Ladi Reps Seat

By Israel Adamu, Jos A youth group under the aegis...

Tinubu tasks Catholic Bishops on national peace and development

By Ogenyi Ogenyi, Uyo President Bola Tinubu has called on...

Gov Mutfwang Commissions New JMDB Market to Empower Women Traders

By Isreal Adamu, Jos Plateau State Governor, Caleb Mutfwang, has...

A’Ibom Commissioner seeks royal support for voter registration, Gov Eno’s Arise Project

By Ogenyi Ogenyi,Uyo Traditional leaders in Akwa Ibom have been...

Prof. Usman Ogbo Moves to Curb Rumoured Protest Over Fee Hike in Kogi Poly

By Noah Ocheni, Lokoja The management of Kogi State Polytechnic,...

New Green Empowerment Initiative Visits Sokoto Education Ministry

By Muhammad Ibrahim, Sokoto The New Green Empowerment Initiative (NGEI)...

Sokoto Partners Livestock Insurance Firms to Boost Cattle Production

By Muhammad Ibrahim, Sokoto The Sokoto State Livestock Productivity and...

China Inaugurates 14th ‘Chinese Corner’ in Abuja

By Francis Wilfred The Chinese Embassy in Nigeria has inaugurated...

Gov Sule Hands Over Headquarters Complex to North Central Development Commission in Lafia

By Israel Adamu, Jos Nasarawa State Governor, Engr. Abdullahi Sule,...

Kogi Govt Vows to Clamp Down on Youth Aiding Bandits

By Noah Ocheni, Lokoja The Kogi State Government has warned...

8th Zenith Bank/Delta Principals’ Cup Kicks Off September 18

By Anne Azuka The 8th edition of the Zenith Bank/Delta...

Related Articles

Popular Categories

spot_imgspot_img