Afreximbank Signs Deals to Unlock US$1 Billion in ...

Afreximbank Signs Deals to Unlock US$1 Billion in Investments Across Africa

Oscar J Jeke- Zim Now Reporter

The African Export-Import Bank has signed four Project Preparation Facility agreements expected to unlock over US$1 billion in investments across multiple African countries, including Zimbabwe, Kenya, Malawi, and Nigeria.

The agreements were finalised on the sidelines of the bank’s 32nd Annual Meetings, which concluded in Abuja, Nigeria, attracting around 8,000 delegates, including African heads of state, ministers, and business leaders.

The deals aim to accelerate infrastructure and industrial development by providing early-stage financing and technical support to de-risk and prepare bankable projects.

Zimbabwe – US$350 Million Floating Solar Power Plant

Afreximbank signed a US$4.4 million facility with Zimbabwean firm Green Hybrid Power Private Limited to finance feasibility studies and transaction advisory services for a 1-gigawatt floating solar photovoltaic power plant on Lake Karma.

The first phase will generate 500MW, supplying electricity to Zimbabwe’s Intensive Energy Users Group (comprising major mining and industrial firms) under a 20-year power purchase agreement.

Total project investment: US$350 million.

Eddie Cross, Chairperson of Green Hybrid Power Pvt Ltd, stated: “This initiative will help meet Zimbabwe’s industrial power needs while promoting green energy and foreign currency generation through beneficiation of local minerals.”

Kenya – US$40 Million Pharmaceutical Plant

Afreximbank signed a US$4.4 million agreement with Med Aditus Pharmaceutical Kenya Limited to establish a fill-and-finish pharmaceutical manufacturing plant in Kisumu County.

- Annual capacity: 2 billion tablets and capsules.

- Expected to boost access to affordable medicine in the Great Lakes region.

- Total investment: US$40 million, with potential for technology transfer in pharmaceutical manufacturing.

Malawi – US$300 Million Multi-Sector Investments

Afreximbank and NBS Bank Plc signed a Joint Project Preparation Facility Framework Agreement to support early-stage projects in logistics, agro-processing, energy, and tourism.

- Expected to catalyse up to US$300 million in investments.

Nigeria – US$300 Million Gas Power Plant

Nigerian independent power producer Proton Energy Limited secured a US$4 million facility to prepare for a 500MW gas-fired power plant in Sapele, Delta State.

- Initial phase: 150MW for Eko Electricity Distribution Company under a 20-year agreement.

- Total investment: US$300 million.

The 32nd Annual Meetings also marked a leadership transition, with Dr. George Elombi appointed as Afreximbank’s new President, succeeding Prof. Benedict Oramah, whose second five-year term concluded.

Mrs Kanayo Awani, Afreximbank’s Executive Vice President for Intra-African Trade and Export Development, emphasised: “These project preparation facilities are critical to fast-tracking the implementation of strategic infrastructure across the continent.”