African Union to Collaborate with Afreximbank on Infrastructure and Energy Development
The goals of Africa 2063 will be actualized; there is the need to deepen corporation to bridge the yawning infrastructure gap in Africa. This was the submission of Dr. Amani Abou–Zeid, the African Union (AU) Commissioner for Infrastructure and Energy during her recent visit to the Cairo headquarters of the African Export-Import Bank (Afreximbank). The visit according to the African Union is part of efforts for multilateral development institutions across the continent to come together and discover areas of cooperation aimed at helping bridge the infrastructure gap facing the continent. Africa will not be able to lift its teeming population out of the shackles of poverty and ignorance unless it provides the platform for integration, business growth, education and health. To solve the problem, African Union Commission is seeking support from African leaders, institutions, and corporate entities towards the success of the upcoming Infrastructure Development in Africa Week to be held in Egypt later in the year.
African union commended the Bank for its Afreximbank Project Preparation Facility (APPF) which will play a key role in packaging investment-ready projects in Africa. Responding to the African Union’s overture, Dr. George Elombi, Afreximbank’s Executive Vice President for Governance, Legal and Corporate Services, said that the Bank was committed to deepening its partnership with the AU, adding that it embraced the AU as a key partner for progress in its development agenda for the continent.
Afreximbank reiterated its commitment towards the support for implementation of trade enabling infrastructure across Africa, given the significant benefits it could bring toward accelerating economic development and regional integration. Similarly Zitto Alfayo, Manager, Project and Asset-Based Finance, said that the APPF could be deployed to rapidly achieve bankability of infrastructure projects in the AU’s pipeline. Adding to that, Rene Awambeng, Director and Global Head, Client Relations at the Bank was of the view that the development of the continent’s railway infrastructure was a key sector for partnership between the two institutions, given the condition of the railway infrastructure and rolling stock in many countries. Afreximbank was keen to work with the AU to draw in development partners to that sector. The meeting agreed that the Bank and AU would have further discussions to identify transactions which Afreximbank could assist to finance.
Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry.