This archive report was first published on 30 September 2019.
On September 30, 2019, the African Export-Import Bank (Afrexim) signed a landmark deal with Uganda to establish its East African Branch office in Kampala. The agreement was sealed by President Yoweri Museveni and Afrexim's president Benedict Oramah.
The new East African branch will serve 11 countries, including Kenya, Uganda, Sudan, Eritrea, Djibouti, Ethiopia, South Sudan, Tanzania, Rwanda, Burundi, and Comoros. This strategic move aims to strengthen Afrexim's presence in the region and facilitate trade and economic growth.
Notably, Rwanda's Social Security board has joined Afrexim Bank as one of its institutional investors, with plans to attract other regional state-run Social Security Funds. This partnership is expected to boost economic cooperation and development in the region.
Afrexim has been actively investing in East Africa, providing significant financial support to various projects. These include a $2 billion loan to Kenya Airways, a loan to Tanzania for the construction of the Standard gauge railway, and $155 million to Rwanda for the construction of the Kigali Construction Centre and the Radisson Blu Hotel.
Related articles:
- South Africa becomes 47th African country to join Afreximbank as a shareholder
- Dangote Gets $1Bn Afreximbank Financing for Intra-African Trade
- Afreximbank closes record $632.9M & €499.6M syndicated loan
- South Sudan Initiates Move to Join Afreximbank
- Afreximbank says its closing in on setting up regional HQ in Nairobi
