The African Export-Import Bank (Afreximbank) has been recognised by EMEA Finance’s 12th African Banking Awards for two transactions processed under its Intra-African Trade Initiative.
Afreximbank was recognised for its leading role in the $737 million bundle of guarantee facilities granted to Elsewedy Electric Group and The Arab Contractors for the construction of the Rufiji Dam and Hydropower Plant in Tanzania.
Afreximbank was appointed as Global coordinator and Financial Advisory to arrange the guarantee facilities for the project. The transaction won the award for the best structured finance deal in North Africa as part of EMEA Finance’s African Banking Awards, a statement from the continental bank said yesterday.
The bank’s $100 million global guarantee facility in favour of Orascom Construction was also awarded best structured trade finance deal in Africa. The facility aims at supporting the Egyptian construction company to expand its business in the rest of Africa through projects in key strategic sectors.
Managing director of Afreximbank’s Intra-African Trade Initiative, Kanayo Awani, said: “The promotion, facilitation and financing of intra-African trade are at the core of Afreximbank’s strategy. We are thrilled to see our efforts acknowledged once again. The complex bundled guarantee facilities we arranged for the Rufiji Dam and Hydropower Plant proves that African risks are bankable. It is perhaps the largest intra-African transaction entirely financed by African institutions. We are also proud to see our support to Orascom’s projects across Africa recognised for its performance.”