By Mandla Zibi
Africa’s foremost multilateral trade finance institution, African Export-Import Bank (Afreximbank), is this year’s winner of the Debt Deal of the Year Award. The bank was honoured at the 14th Annual African Banker Awards held in Cairo last week. The awards recognize institutions and individuals driving growth and development in Africa by creating new economic opportunities for citizens and communities across the continent.
Receiving the award on behalf of the bank, Amr Kamel, Afreximbank’s Executive Vice President for Business Development and Corporate Banking, said the Bank of Industry deal was a major step on the path to a strong and resilient African economy.
“Afreximbank is honoured to receive this award. We remain committed to being a significant player in the African syndicated loan market and continuing to attract capital to the African continent. These funds can help close the continent’s trade and infrastructure gaps and unlock the potential of an African economy driven by diverse industries, regional integration and shared prosperity,” he added.
Last year, at the same African Banker Awards, Afreximbank walked away with the prestigious African Bank of the Year gong.
This year Afreximbank got the nod for a EUR 1 billion syndicated senior loan facility arranged with Credit Suisse for Nigeria’s Bank of Industry. The funds have supported the Bank of Industry’s work in expanding, diversifying and modernizing Nigeria’s industrial sector.
Having originally been sized at EUR 750 million, the debt raising was successfully upsized to EUR 1 billion through a general syndication that secured liquidity from over 20 investors.
Afreximbank played an integral role in attracting the wide diversity of investors ranging from African and non-African banks and financial institutions as well as development finance institutions.
The bank was established in October 1993 and is variously owned by African governments, the African Development Bank and other African multilateral financial institutions as well as African and non-African public and private investors.
Afreximbank deploys innovative structures to deliver financing solutions that support the structural transformation of African trade. These accelerate industrialization and intra-regional trade, thereby sustaining economic expansion in Africa.
At the end of 2019, the Bank’s total assets and guarantees stood at USD$15.5 billion and its shareholders’ funds amounted to US$2.8 billion.
Afreximbank disbursed more than US$31billion between 2016 and 2019. The bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). It is headquartered in Cairo, Egypt.