African Export-Import Bank (Afrexim) yesterday sealed a financing facility deal of $600 million with Heirs Holdings Group, a pan-African proprietary investment holding company.
Heirs Holdings has significant investments across the continent in the financial services, resources, real estate and hospitality and power sectors.
The facility will further support the Group’s power, oil and gas strategy, as it positions itself as an African leader in integrated natural resources.
The signing ceremony took place at the ongoing Afrexim Intra-Africa Trade Conference in Cairo, Egypt.
The proceeds of the facility will assist the Group’s vision of creating a dynamic resource based division, focused on ensuring that value creation occurs on the continent and that value chains are developed, that directly benefit the broader African economy and consumer.
President of Afrexim, Dr. Benedict Oramah, who signed on behalf of the bank, stated 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.