Afreximbank Joins African Energy Week (AEW) 2023 As Diamond Sponsor
Afreximbank Joins African Energy Week (AEW) 2023 As Diamond Sponsor. Under efforts to stimulate the growth of the African economy, governments continent-wide are pursuing the rapid development of the energy sector, recognizing the critical role natural resources play in alleviating energy poverty, spurring industrialization while advancing job creation and economic opportunities. In this scenario, advancing intra-African trade has emerged as a strategic approach to economic growth, with institutions such as the African Export-Import Bank (Afreximbank) serving as key drivers.
The Afreximbank has a long-history of driving sustainable investments, facilitating trade and commerce while supporting the development of Africa’s energy sector. With a mission to become the trade finance bank for Africa, the institution will return to the continent’s biggest energy event, African Energy Week (AEW) – taking place from October 16-20 this year – as a diamond sponsor, a testament to its commitment to investing in the sustainable development of the continent.
With lack of investment representing one of the biggest challenges to development in Africa, the Afreximbank stepped in to play a central role in financing projects and facilitating trade. As a pan-African financial services provider, the institution has not only provided the capital African countries need to develop projects but has made considerable efforts to advance local content and sustainable development practices.
The bank actively engages in and drives capacity-building initiatives to enhance trade and energy-related skills, and regularly invests in African companies and entrepreneurs. Between 2016 and 2020 alone, the institution invested more than $42 billion in support of African businesses. Other investments include $900 million mobilized for the expansion and development of special economic zones in Africa; a $1.5 billion financing facility to boost local content promotion in Botswana; and a grant given to the Grand Africa Initiative to train 200 young African entrepreneurs in business and trade. Additionally, during last year’s edition of AEW, the institution inked a memorandum of understanding with AEW-organizer the African Energy Chamber (AEC), kickstarting collaboration in capacity building and energy. These initiatives have proven instrumental to driving sustainable development across the continent on the back of local content.
On the investment side, Afreximbank represents a strong and reliable financial partner for African energy projects. The institution provides various financial services and products aimed at advancing energy developments across the entire value chain, and is active in every segment of Africa’s energy sector. Recently the bank mobilized $155 million for the development of oil infrastructure in Djibouti; $355 million for the completion of Angola’s 60,000 barrel-per-day Cabinda oil refinery; and $500 million for the expansion of South Sudan’s power sector. The bank also has plans to double its investments in Africa to over $60 billion within the next six years. This will largely be achieved through the African Energy Transition Bank, an institution established by Afreximbank alongside the African Petroleum Producers Organization to accelerate the development of African energy in the energy transition era.
