Afrexim Bank, Heirs Holdings Sign $600M Loans To Boost Energy Investments

African Export-Import Bank (Afrexim) on Tuesday, December 11, 2018, signed $600m financing facilities with Heirs Holdings Group, a pan-African proprietary investment holding company with significant investments across Africa
The signing ceremony held on the sidelines of the Afrexim Intra-Africa Trade Conference taking place in Cairo, Egypt.
The deal, according to a joint statement by both organizations represents a further demonstration of Afrexim’s mandate to facilitate the growth of intra-Africa trade and support the development of African businesses. For Heirs Holdings with investments across financial services, resources, real estate and hospitality and power sectors, the facilities will further support its power, oil and gas strategy, as it positions itself as an African leader in integrated natural resources.
The proceeds of the facilities will assist Heirs Holdings Group actualise its vision of creating a dynamic resource based division, focused on ensuring value creation occurs on the African continent and that value chains are developed, that directly benefit the broader African economy and consumer.
The statement quoted Dr. Benedict Oramah, President of Afrexim, who signed on behalf of the bank, as saying that the investment by Heirs Holdings would play a key role in addressing some of the fundamental challenges that have affected the power and energy sectors in Africa.
“A world class energy sector is fundamental to the sustainable growth of businesses in Africa. If we do not deal with these basic matters, growth of trade and exports will always be limited,” he said.
Also commenting, Tony Elumelu, Chairman, Heirs Holdings, expressed delight at the partnership, acknowledging that Afrexim “continues to play a critical role in the economic and social development of the continent. Together, we illustrate that Africa can create world class institutions, which are capable of successfully making the long-term investments necessary for Africa’s economic transformation and catalyse the enabling environment that will unleash Africa’s potential”.

Photo Caption: Chairman, Heirs Holdings Group, Mr. Tony Elumelu (left) and President of African Export-Import Bank(Afreximbank), Dr. Benedict Oramah, during the signing ceremony in Cairo, Egypt on Tuesday.