Afreximbank Boosts Elsewedy Electric and Arab Contractors with $500 Million Credit Facility

In a significant development during the 3rd edition of the Intra-African Trade Fair (IATF2023), the African Export-Import Bank (Afreximbank) has granted a substantial credit facility of $500 million to two prominent Egyptian contractors, Elsewedy Electric Group and Arab Contractors.

Under this arrangement, Afreximbank has amplified its existing Global Facility limits for Elsewedy Electric Group, now standing at $300 million.

This augmentation is designed to empower the group to issue contracting guarantees and fulfill other working capital requirements essential for its diverse projects across the African continent.

Elsewedy Electric Group and Afreximbank share a longstanding and robust partnership, with a history of collaboration on numerous projects throughout Africa.

These joint endeavors have played a pivotal role in providing energy solutions and establishing trade-enabling infrastructure in the region.

Further reinforcing its commitment to the development of the construction sector, Afreximbank has inked a separate $200 million global facility for Arab Contractors, a leading construction company. This financial support will assist Arab Contractors in issuing contracting guarantees for its ongoing and prospective projects across Africa.

Arab Contractors, recognized as one of Afreximbank’s Intra-African Trade Champions (INTRA-CHAMPS), has previously benefited from the bank's backing in securing a $2.9 billion contract for the construction of the Rufiji Dam and Hydropower Plant in Tanzania, in collaboration with Elsewedy Electric Group.

Afreximbank's proactive involvement extends beyond financial support, as the bank has also issued guarantees to bolster Arab Contractors’ projects in several African countries, including Cote d’Ivoire, Tanzania, Ethiopia, Mauritania, and Morocco. This comprehensive global facility underscores Afreximbank's unwavering commitment to supporting Arab Contractors in expanding their footprint and influence across the African continent.

Source: Daily News Egypt