During the recently held African Export-Import Bank (Afreximbank) (www.Afreximbank.com) Intra-African Engineering, Procurement and Construction (EPC) workshop in Lagos participants formalised business deals totalling over US$370 million, a significant step towards empowering African contractors.
The deals, signed during the workshop held in Lagos on 28 October, included a US$300-million Global facility agreement to Hassan Allam of Egypt, a US$45-million term sheet to Pavifort Construction of Sierra Leone and a US$25-million term sheet to Afric Cement of Burkina Faso.
Organised to help address the significant gap in Africa's infrastructure spending, currently standing at over $100 billion annually, which is traditionally awarded to non-African contractors, the workshop brought together key stakeholders to explore transformative solutions to empower African contractors to compete for and secure large-scale projects within the continent.
Addressing the participants, Ayman El-Zoghby, Director, Trade and Corporate Finance Unit in Afreximbank’s Intra-African Trade Bank, said that the Bank was actively working to address the infrastructure gap by empowering local contractors to take more prominent roles in large-scale projects. He said Afreximbank, had launched the Afreximbank-EPC Tenders Platform to connect contractors with project opportunities while offering them critical financial support throughout project lifecycles.
According to Mr. El-Zogby, Afreximbank is dedicated to enhancing local content through skills development, technology transfer and fostering of partnerships between African and international firms as an essential step for strengthening Africa’s contractor base and achieving long-term, self-sustained infrastructure growth.
In addition, recognizing the role of sub-sovereign governments in enabling trade and investment, Afreximbank was engaging with government entities to better understand their specific needs, educate them on providing stable environments and supporting debt strategies in order to provide African contractors with stronger negotiation power and credibility on the global stage, he added.
“This workshop underscores our commitment to transforming Africa’s infrastructure landscape by empowering local contractors to lead in major projects. By equipping African firms with the financial, technical and risk management tools necessary to compete effectively, we are not only closing the infrastructure gap but also fostering sustainable economic growth, job creation and regional integration which will strengthen Africa’s position in the global EPC market,” Mr. El-Zogby explained.
Mr. Moctar Mando, Chairman, COGEB Group International noted: “I am grateful to Afreximbank for their trust and support. This signing marks a significant milestone for COGEB Group International in its diversification strategy, centred on complementary activities. This financing is dedicated entirely to the construction of the AFRIC CEMENTS cement plant which will help strengthen my Group's leadership within its ecosystem.”
Mr. Alimu Sanu Barrie, Chief Executive Officer Pavifort Al Associates noted: “The EPC Workshop empowered us to appreciate the challenges indigenous African companies face and Afreximbank’s interventions in solving these challenges through financing, capacity building and networking. We are extremely grateful to the Bank for the signed Term-Sheet of $45 million. The funds will boost the infrastructural and economic development of Sierra Leone and greatly enhance the capacity of our company.”
Eng. Mahmoud El Essawy – Managing Director – Hassan Allam Construction (Egypt) noted: “I would like to express my sincere gratitude to Afreximbank for its unwavering support in addressing the infrastructure financing needs of Africa. The $200 million facility extended to Hassan Allam Holding, recently increased by an additional $100 million, has been instrumental in supporting our efforts to undertake key projects that promote economic growth and resilience. As we navigate the challenges in the Engineering, Procurement, and Construction (EPC) sector across the continent—such as regulatory complexities, financing gaps, and the need for sustainable practices, Afreximbank’s commitment to facilitating essential funding stands as a testament to their vision for a prosperous Africa. Their support not only empowers us as a group but also strengthens the entire ecosystem needed to meet Africa’s infrastructure demands.”
Panellists speaking at the event explored financing solutions, strategies for enhancing local content and opportunities to reshape Africa’s infrastructure landscape among other key themes.
More than 180 participants, representing EPC companies, financial institutions, law firms and government agencies from West Africa as well as Egypt, Angola and Uganda, were in attendance.
The event was also graced by representatives of the Lagos State Government, members of the diplomatic corps, officials of the Nigeria Customs Service and several business leaders. Key outcomes included the audience’s familiarization of the EPC Platform, designed to connect African contractors with project opportunities, and the signing of EPC-related deals worth over $370 million, underscoring the workshop’s role in fostering partnerships and financial engagement across the continent, which was followed by a lively post-event business networking session. The event highlighted Afreximbank's ongoing commitment to enhancing local content and capacity building, setting a strong foundation for future workshops and strategic initiatives aimed at advancing the African construction sector.
Distributed by APO Group on behalf of Afreximbank.Media Contact:
Vincent Musumba
Communications and Events Manager (Media Relations)
Email: vmusumba@afreximbank.com
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank's total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.Afreximbank.com
