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Afreximbank, Orascom signs $170m facility agreement

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The African Export- Import Bank ( Afreximbank ) has signed a facility agreement of $ 170 million with Egypt -based conglomerate , Orascom Investment Holding (OIH). According to reports, this was done with the aim of supporting the firm ’ s pan - African expansion activities.

OIH is really one of the most successful and diverse holding companies in the North Africa region. This is a firm that actually have the ability and capacity to assist the Bank in achieving expansion in the regional and Egyptian markets.

The move and step is expected to create and open the door for an opportunity for  Orascom Investment to explore business and investment avenues  referred to it by Afreximbank in  countries such as Nigeria , Rwanda , Togo , Eretria and Sao Tome. This will hopefully increase their production capacity and improve higher quality exports through better value addition.

Afreximbank President , Proffessor Benedict Oramah , said that the facility agreement was one of bank’ s effort to promote intra - African investments and export manufacturing , using the bank’ s framework of Intra- African Investment Finance Facility.

Also, the President noted that the agreement would create a  long- term strategic partnership between the two firms (which are Afreximbank and Orascom)

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