Statement Of Mr J-L Ekra, President, Afreximbank On The Occasion Of The Signing Ceremony Of 10 Million Euro Hotel Development Loan To Radisson Kome

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STATEMENT OF MR J-L EKRA, PRESIDENT, AFREXIMBANK ON THE OCCASION OF THE SIGNING CEREMONY OF 10 MILLION EURO HOTEL DEVELOPMENT LOAN TO RADISSON KOME , MALI HELD IN BAMAKO, MALI ON 11TH NOVEMBER 2009

Honorable Ministers
Our Dear Client, Mr. Kome,
Members of the Malian Business Community here with us
Distinguished Ladies and Gentlemen of the Press
Distinguished Ladies and Gentlemen

The Afreximbank train that is rapidly rolling across Africa to deliver on the trade development aspirations of its Member States has today made an important stop in Mali, a founding shareholder and Participating State of the Bank. It is therefore with immense pleasure that I welcome all of you to this important signing ceremony which will mark the first time Afreximbank will be extending a loan facility to a private sector non-bank Malian corporate. Prior to today’s event, we had provided various facilities largely to the Malian banking sector. As you all may be aware, the facility we are signing today is intended to enable Radisson Kome to expand the facilities in its existing hotel in terms of increasing room numbers, developing a conferencing facility and expanding other ancillary services. It is expected that the new investments will improve the operational efficiency of the hotel, enlarge its product offering and enable the promoters to capture a higher market share of the tourism business in Mali. For the Government, the benefits will include a possible further increase in tourism arrivals and spends, higher tax revenues , increased employment and the possibility of making Bamako an important destination for conference tourism , among others.

We are proud to be associated with this venture because the promoter, Mr. Kome has demonstrated that he is an astute businessman with a clear vision. These qualities are evident in the quality of product offering in RadissonBlu, Bamako. We are also encouraged by the fact that the hotel operators, namely the Radisson Group are fully in support of the expansion project. As a highly experienced hotel management group we view their support as a vote of confidence in the business plan on which the development we are financing will hinge. Further, we intend to implement the facility in partnership with Banque Malienne de Solidarite (BMS), a local bank that we are increasingly collaborating with in Mali as well as with ShelterAfrique, the Pan African housing and construction bank based in Nairobi, Kenya. These partnerships underscore our operating model of distributing risks in our transactions to parties most able to bear them. In this regard, BMS will be providing local knowledge and local receivable management services to support our financing while ShelterAfrique will provide important project monitoring services drawing from its vast experience in construction financing. Finally, the project gives us an opportunity to support Mali’s rising tourism sector. We believe that the demonstration effect the project will engender will enable us expand our lending activities in Mali thereby justifying Mali’s membership of Afreximbank.

Honorable Ministers
Distinguished Ladies and Gentlemen

As we celebrate this event, I will like us to pause and think of what would have happened to the ideas that brought about this project had it not been for a stable politico-economic environment that now exists in Mali; had it not been for a new generation of African entrepreneurs that have come forth in the scene; and had it not been for the establishment of an Afreximbank that believes that Africans can also be good businessmen who can stand by their words and the commitments they make. So I will like to invite us all to extend today’s celebration to include the celebration of a new Africa with more responsible political leaders; a new Africa with better macroeconomic managers; a new Africa with vibrant and responsible entrepreneurs like Mr. Kome; and a new Africa with an Afreximbank that is founded on the belief that Africans can be responsible borrowers. We therefore challenge other Malian entrepreneurs to take advantage of the new environment and opportunities that are emerging knowing that the Afreximbank is there to support them. Our doors are open and you are all welcome to visit us to discuss any business you think may be worthy of our support.

Before I close, distinguished Ladies and Gentlemen, I will like to thank the Ladies and Gentlemen of the Press gathered here for finding the time to come and cover this event. I implore them to give the event a positive coverage so that the demonstration effect I earlier alluded to can begin to gather steam. Permit me also to thank the Honorable Ministers here with us for finding time, despite their very busy schedules, to be here. It certainly demonstrates the importance of this event to the Government of Mali and gives us further comfort that we will continue to receive Mali’s support in our lending interventions in this great, historic country. I will also like to thank the rest of you witnessing this event for sparing us your time and look forward to more opportunities to sign loan agreements in Mali.

I will now close by wishing us all journey mercies to our different destinations after this ceremony.

Thank you all for listening

J-L EKRA
PRESIDENT, AFREXIMBAK
CAIRO, EGYPT
BAMAKO, 11TH NOVEMBER, 2009