Kanayo Awani and Gagan Gupta, exchanging the agreement
The African Export-Import Bank (Afreximbank) and ARISE Integrate Industrial Platforms (ARISE IIP) have signed a term sheet for a $400 million tranche under a proposed US$1 billion global credit facility to support ARISE IIP in the development of industrial parks and Special Economic Zones (SEZs) in several African countries and to avail funding to meet trade finance requirements and to finance capital expenditure in support of expansion of operating Industrial Parks..
Signed by Executive Vice President, Intra-African Trade Bank, for Afreximbank, Kanayo Awani, and Gagan Gupta, CEO ARISE IIP, for the company, at the Afreximbank annual meetings held in Accra, the facility represents a continuation of the support provided by the Bank to ARISE IIP with close to $700 million availed to the company over the past decade for the development of industrial parks and special economic zones in Gabon, Togo and Benin.
The ceremony also featured the signing and entry into force of a collaboration agreement between Malawi and ARISE IIP for the design, development, and operation of two world-class industrial parks and SEZs in Lilongwe and Blantyre to assist in closing gaps in industrial infrastructure to support the country’s focus on export manufacturing to transform its economy and generate jobs.
The two projects are expected to attract investment exceeding US$900 million and generate around 200,000 direct and indirect jobs in the country.
Afreximbank supported the Government of Malawi to develop the projects from early stages up to bankability, including providing financing and technical assistance through its Project Preparation and Export Development departments.
The collaboration agreement addresses infrastructure gaps as the government of Malawi seeks to accelerate structural transformation away from primary commodity exports to value addition.
By Jamila Akweley Okertchiri