Germany’s KfW Development Bank has announced a renewal of its support to the African Export-Import Bank (Afreximbank) for trade finance business in Africa.
Information released today by Afreximbank at the end of a visit to the KfW headquarters in Frankfurt, Germany, by an Afreximbank delegation led by President Jean-Louis Ekra, reported KfW is also committing to deepening the already strong partnership with export credit agency-backed lines of credit across various productive sectors of African economies.
Afreximbank President Jean-Louis Ekra (right) receives souvenir from Dr. Thomas Duve, Director, Southern Africa/Regional Funds of KfW
KfW also agreed to put in place a line of credit to fund renewable and energy efficient projects, including solar and wind projects, being considered by Afreximbank as the two institutions acknowledged that Africa’s power deficit was a bottleneck to industrialisation and economic growth. They agreed to work together in an environmentally sustainable manner by targeting an initial pipeline of one billion dollars commencing in 2016.
On agribusiness, and Afreximbank’s Africa Cocoa Initiative for which KfW has an existing line of credit directed toward value addition and was providing technical and capacity building support, the two institutions welcomed the progress in building the pipeline of projects which currently stood at $500,000 million.
The meeting concluded with Dr. Thomas Duve, Director, Southern Africa/Regional Funds of KfW, presenting souvenirs to President Ekra, who is completing his tenure at Afreximbank, and to Dr. Benedict Oramah, President Designate of the Bank, who will take over from Mr. Ekra in September.
Dr. Duve told the guests that the souvenirs were symbolic of the strong partnership which existed between the two Institutions over the last half decade and were also in recognition of the good job that Mr. Ekra had done in steering the Bank to great heights during the last decade. They also served to extend goodwill to President Designate Dr. Oramah.
The Afreximbank delegation also included Denys Denya, Executive Vice President, Finance, Administration and Banking Services; Dr. George Elombi, Executive Vice President, Corporate Governance and Legal Services/Executive Secretary; Kofi Adomakoh, Director, Project and Export Development Financing; and Chandi Mwenebungu, Senior Manager, Treasury.
Afreximbank President Designate Dr. Benedict Oramah (right) shakes hands with Dr. Thomas Duve, Director, Southern Africa/Regional Funds of KfW Africa after receiving a souvenir.