{"id":11598,"date":"2023-07-17T13:08:39","date_gmt":"2023-07-17T12:08:39","guid":{"rendered":"https:\/\/maritimafrica.com\/en\/?p=11598"},"modified":"2023-07-23T16:43:50","modified_gmt":"2023-07-23T15:43:50","slug":"afreximbank-leads-us155-million-strategic-facility-to-djibouti-ports-and-free-zone-authority","status":"publish","type":"post","link":"https:\/\/maritimafrica.com\/en\/afreximbank-leads-us155-million-strategic-facility-to-djibouti-ports-and-free-zone-authority\/","title":{"rendered":"Afreximbank leads US$155 million strategic facility to Djibouti Ports and Free Zone Authority"},"content":{"rendered":"
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From left to right: Prof. Benedict Oramah, President & Chairman, Afreximbank; H.E. Ismail Omar Guelleh, President of Djibouti; Dr. George Elombi, EVP-Governance, Legal & Corporate Services, Afreximbank; and Mr. Aboubaker Omar Hadi, Chairman of GHIH<\/figcaption><\/figure>\n<\/section>\n
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Nairobi, 17 July 2023<\/strong>: \u2013 The African Export-Import Bank (Afreximbank) today in Nairobi announced the disbursement of a $120-million financing facility to Djibouti\u2019s Great Horn Investment Holding (GHIH) for the execution of a series of development projects in the country\u2019s Damerjog Industrial Development Free Trade Zone.The deal, announced after a meeting between Afreximbank President Prof. Benedict Oramah and Omar Guelleh, President of Djibouti, on the sidelines of the ongoing Summit of Heads of State of the African Union, is part of a total facility amount of $155 million for work on the free trade zone.<\/section>\n
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The remaining $35 million is being financed through Banque pour le Commerce et l\u2019Industrie Mer Rouge (BCIMR) of Djibouti. Proceeds of the facility will be used for the completion of the Damerjog Oil Jetty, which will provide marine connectivity to the free trade zone, and for the construction of a 150,000m\u00b3 first storage depot\/oil tank farm, as well as for other costs related to the projects.The deal, which is Afreximbank\u2019s first in Djibouti in collaboration with GHIH and the government, is targeted at supporting the development of a trade-enabling infrastructure to assist Djibouti in achieving its plan to become a regional trans-shipment and logistics hub.<\/section>\n
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It will also promote intra-African trade, given that Djibouti\u2019s economy is largely based on the provision of marine services to neighboring nations Ethiopia and Somalia, by offering them a gateway for ocean-borne freight.Significantly, also, the facility is providing support and capacity to SOMAGEC, a Moroccan construction company which is Afreximbank\u2019s Intra-African Trade Champion. Under the Intra-African Trade Champion programme, Afreximbank supports African companies to execute infrastructure projects in other African countries and assists them to compete globally with international players.<\/section>\n
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Commenting on the deal, Prof. Oramah said: \u201cThe crucial contribution of this landmark deal lies in its potential to deliver a boost to the development of the industrial capacity of Djibouti and its neighbors by assuring the implementation of critical trade enabling infrastructure to support bulk handling of liquid products. The establishment of a jetty and bulk port in the Djibouti Free Trade Zone will add significant value to Djibouti\u2019s role as a trans-shipment hub for neighboring landlocked countries. Afreximbank is very proud to contribute to such a crucial project for Djibouti and the wider region.\u201d\u201cWe are equally proud that the project is being implemented by Moroccan EPC contractor SOMAGEC, a testimony to Afreximbank\u2019s support to African contractors undertaking large infrastructure projects on the continent. Our intra-African trade agenda will continue to emphasize support to African contractors to enable them win and execute such major infrastructure projects across the continent\u201d he added.<\/section>\n<\/blockquote>\n
Afreximbank has been a key supporter of the engineering, procurement and construction (EPC) market in Africa with financing and facilitation interventions totaling $13 billion in the last 6 years. This includes financing of more than $7-billion worth of EPC-related transactions and issuance of trade instruments worth more than $6 billion to support and facilitate the award of contracts to African contractors.<\/section>\n
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Commenting on the transaction, GHIH\u2019s Chairman Aboubaker Hadi Omar: \u201cWe are very proud of our collaboration with Afreximbank, a dynamic African multilateral and transaction driven institution, and the continuous valuable technical support of the EPC SOMAGEC. \u00a0In line with our multi-year infrastructure investment strategy aiming to position our country as a logistical and commercial hub for the sub-region, we\u2019re meeting this growing demand by delivering the infrastructure necessary, to support and enhance the economic and efficient movement of petroleum products in the region whilst developing a core economic belt with Ethiopia and ultimately an industrial base for East and Central Africa.\u201dFurthermore, it shows that our Head of State\u2018s vision \u201cDjibouti 2035\u201d is taking place thus transforming Djibouti as regional logistic hub,\u201d he added.<\/section>\n<\/blockquote>\n
GHIH, a state-owned investment holding vehicle of the Government of Djibouti, is responsible for logistics and transportation infrastructure. It holds interest in about 18 of the largest state-owned companies in the country, with a portfolio that includes companies in shipping, bunkering, management of free zones, storage, road transport and port security.<\/p>\n

AFREXIMBANK<\/b><\/p>\n<\/section>\n<\/article>\n

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Nairobi, 17 July 2023: \u2013 The African Export-Import Bank (Afreximbank)<\/p>\n","protected":false},"author":1,"featured_media":11599,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,1366,442,1921],"tags":[2858,1493,544,1185,31,32,1485,1297,75,45],"class_list":["post-11598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-en","category-djibouti-en","category-news-en","category-ports-harbours","tag-afreximbank","tag-africa-en","tag-djibouti","tag-dpfza","tag-maritimafrica","tag-maritime","tag-maritime-in-africa","tag-maritime-industry-en","tag-ports","tag-shipping-en"],"yoast_head":"\nAfreximbank leads US$155 million strategic facility to Djibouti Ports and Free Zone Authority - 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