LAGOS – The African Export-Import Bank (Afreximbank) has placed a syndicated bridge financing facility worth 200 million Euros (about N42 trillion) for Cote d’Ivoire to enable it expand facilities at the Abidjan port.This is contained in a statement by the bank to journalists on Friday in Lagos.
According to the statement, the fund is being provided through the state-owned agency, Port Autonome d’ Abidjan (PAA) and some participating banks in Cairo, Egypt and Abidjan.
It said that Afreximbank and Société Générale, Cote d’Ivoire would each provide 50 million Euros, while Banque Atlantique, through its group across Africa, would provide 100 million Euros.
The statement said that Banque Atlantique would also serve as the local agent bank for the transaction.
It added that the funds would be used by PAA to finance advance payment and related costs for the enlargement and deepening of Vridi Canal.
The statement said that fund would also be used for the construction of Container Terminal 2 and RoRo Terminal at the Abidjan port.
The project would be handled by China Harbour Engineering Company Ltd.
“Afreximbank is happy to be part of this effort by PAA to adapt the infrastructure at the Abidjan Port to the new demands of global trade,” said Jean-Louis Ekra, President of Afreximbank.
“By increasing the port’s handling capacity for containers, this project should enhance the position of the Abidjan port as the gateway that connects the nearby hinterland West Africa countries to international markets”.
It will be recalled that PAA, which began operations in 1951 following its creation in 1950, is responsible for the management of the Port of Abidjan.
The port is one of Africa’s busiest ports in terms of volume.
The Port of Abidjan serves as a major international trans-shipment and transit traffic hub through which 70 per cent of the foreign trade of hinterland countries (Burkina Faso, Mali, etc.) passes.
Afreximbank is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.
The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.
Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter which governs its corporate structure and operations.
Since 1994, Afreximbank has approved almost $30 billion in credit facilities for African businesses, including about $3.5 billion in 2013.
Afreximbank is headquartered in Cairo, Egypt(NAN)