Prof Benedict Oramah Afreximbank MD
Benedict Oramah, President Afreximbank
The African Export-Import Bank (Afreximbank), has disbursed 100 million Euros revolving global credit facility to Mota-Engil Africa company to enable it implement key development projects in Africa.
Prof. Benedict Oramah, Afreximbank’s President said this in a statement signed by the bank’s Head of Media, Mr Obi Emekekwue on Thursday in Abuja.
Oramah said the projects included the construction of trade-carrying and trade-supporting infrastructure required for the acceleration of the integration process on the continent.
He said the facility would strengthen Mota-Engil Africa’s capacity to carry out projects critical to reducing transaction costs for businesses.
According to him, it will also grow intra-regional trade, ease movement of goods, services and people, boost employment and stimulate economic activity in Africa.
According to Oramah, the transaction is expected to lead to increased activity in a number of economic sectors, including petroleum and petrochemicals.
Oramah said it was also supposed to increase heavy equipment supplies, spare parts supplies, architectural services and public revenues from an expansion in economic activity in various countries.
Mota-Engil Africa is a significant player in intra-African trade as evidenced by the volumes of goods and services it procures from and distributes to African countries where it executes contracts.
Some of the infrastructure developed by the company, including ports and railways served multiple countries.
The company had a robust backlog of strategic projects in Africa in excess of three billion Euros.
It covered sectors such as construction, mining, power, medical, infrastructure management, waste management and other concession businesses.
Oramah said that with the easing of mobility of goods, services and people across African borders foreseen under the transaction, there would be an increase in intra-regional trade.
This, he said would lead to creation of jobs, increase in foreign exchange earnings and growth in government revenues.
On the expected outcomes, he said it would enable African governments improve the quality of life of their citizens in line with the Sustainable Development Goals (SDGs).
He said it would also contribute to implementation of the goals of the African Continental Free Trade Area. (NAN)
