Lagos, Nov. 14, 2024 – Business deals valued at over $370 million worth were sealed at the just concluded African Export-Import Bank (Afreximbank) Intra-African Engineering, Procurement and Construction (EPC) workshop held in Lagos on Oct. 28, 2024.
The deals included a US$300-million Global facility agreement to Hassan Allam of Egypt, a US$45-million term sheet to Pavifort Construction of Sierra Leone and a US$25-million term sheet to Afric Cement of Burkina Faso.
The workshop was organised to help address the significant gap in Africa’s infrastructure spending, currently standing at over $100 billion annually which is traditionally awarded to non-African contractors.
It brought together key stakeholders to explore transformative solutions to empower African contractors to compete for and secure large-scale projects within the continent.
Addressing the participants, Ayman El-Zoghby, the Director, Trade and Corporate Finance Unit in Afreximbank’s Intra-African Trade Bank, said that the Bank was actively working to address the infrastructure gap by empowering local contractors to take more prominent roles in large-scale projects.
He said Afreximbank launched the Afreximbank-EPC Tenders Platform to connect contractors with project opportunities while offering them critical financial support throughout project lifecycles.
According to El-Zogby, Afreximbank is dedicated to enhancing local content through skills development, technology transfer and fostering of partnerships between African and international firms as an essential step for strengthening Africa’s contractor base and achieving long-term, self-sustained infrastructure growth.
“This workshop underscores our commitment to transforming Africa’s infrastructure landscape by empowering local contractors to lead in major projects.
“By equipping African firms with the financial, technical and risk management tools necessary to compete effectively, we are not only closing the infrastructure gap but also fostering sustainable economic growth, job creation and regional integration which will strengthen Africa’s position in the global EPC market.”
Moctar Mando, the Chairman, COGEB Group International said: “I am grateful to Afreximbank for their trust and support.
“This signing marks a significant milestone for COGEB Group International in its diversification strategy, centred on complementary activities.
“This financing is dedicated entirely to the construction of the AFRIC CEMENTS cement plant which will help strengthen my Group’s leadership within its ecosystem.”
Alimu Sanu Barrie, the Chief Executive Officer Pavifort Al Associates, said: “The EPC Workshop empowered us to appreciate the challenges indigenous African companies face and Afreximbank’s interventions in solving these challenges through financing, capacity building and networking.
“We are extremely grateful to the Bank for the signed Term-Sheet of $45 million.
“The funds will boost the infrastructural and economic development of Sierra Leone and greatly enhance the capacity of our company.”
Mahmoud El Essawy, the Managing Director, Hassan Allam Construction (Egypt) noted: “I would like to express my sincere gratitude to Afreximbank for its unwavering support in addressing the infrastructure financing needs of Africa.
“The $200 million facility extended to Hassan Allam Holding, recently increased by an additional $100 million, has been instrumental in supporting our efforts to undertake key projects that promote economic growth and resilience.
“As we navigate the challenges in the Engineering, Procurement, and Construction (EPC) sector across the continent, such as regulatory complexities, financing gaps, and the need for sustainable practices, Afreximbank’s commitment to facilitating essential funding stands as a testament to their vision for a prosperous Africa.
“Their support not only empowers us as a group but also strengthens the entire ecosystem needed to meet Africa’s infrastructure demands.” (GBN)
