Egypt-based conglomerate, Orascom Investment Holding’s (OIH) has signed a facility agreement of $170 million with African Export-Import Bank (Afreximbank) to boost its Pan-African expansion activities.
Orascom Investment will focus to make inroads into Nigeria, Rwanda, Togo, Eretria and Sao Tome to explore business and investment opportunities within these various African countries.
Afreximbank President, Prof. Benedict Oramah, stated that the facility agreement was part of the bank’s effort to promote intra-African investments and export manufacturing especially in the agro-processing sector, using the bank’s framework of Intra-African Investment Finance Facility.
The facility would complement ongoing macroeconomic and safety net reforms in Egypt, which seek to foster sector-specific economic growth, especially in strategic sectors with proven record of creating jobs and reducing poverty, he said.
The President said that the agreement would set up a long-term strategic partnership between Afreximbank and Orascom, describing OIH as one of the most successful and diverse holding companies in the North Africa region, with the potential of assisting the Bank in expanding its operations in the regional and Egyptian markets.
“our collaboration opens the potential for our two institutions to strengthen their relationship and mutual cooperation in order to make significant contributions towards unlocking the full potentials of intra-african investment,” he added.
Chairman of OIH, Sawiris said it was up to Africans to come together to work for that goal and commended Afreximbank for the quick turnaround in processing the transaction and for the professionalism and dedication shown by the Afreximbank team.