Guicopres Guinea gets EUR 50 million Afreximbank facility for road construction, public works
Guinea-based construction company Guicopres is the beneficiary of a 50-million Euro dual tranche credit facility from the African Export-Import Bank (Afreximbank) for the execution of public works across the country.
Afreximbank announced in Cairo that the facility, which is guaranteed by the Central Bank of Guinea, consists of a first tranche of 30 million Euros for import of public works construction equipment and a 27 million-Euro second tranche to enable Guicopres discount invoices for executed past contracts.
Speaking during the signing of the facility agreement at the Afreximbank Headquarters, Jean-Louis Ekra, President of the Bank, said that the granting of the facility was part of Afreximbank’s commitment to promoting trade enabling environments in its member countries.
“This transaction brings our support to the Guinean economy to more than 100 million Euros of aggregated financing in the past five years,” said Mr. Ekra, who pledged Afreximbank’scontinued support to Guinea to facilitate the acceleration of its economic transformation.
He added the facility would contribute to the development of Guinea’s infrastructural development goals while reinforcing South-South collaboration since the construction equipment being financed would be procured from a leading Chinese firm.
Mady Conde, CEO of First International Bank Guinea, the local agent for the transaction, thanked Afreximbank for its renewed trust in his institution, noting that Afreximbank was also working with it on several other projects, including a $25-million financing for the local oil and gas sector.
Kerfalla Camara, CEO of Guicopres, said that many Guinean enterprises operating in the construction sector would benefit from the value chain that would be created as a result of the facility and commended Afreximbank for the trust placed in his organization.
Abdoulaye Yero Balde, Senior Vice Governor, Central Bank of Guinea, said that the completion of the road works already started by Guicopres in the Guinean capital would ease circulation, increase road safety and foster trade interactions with the hinterland. He described Afreximbank as a key partner of the Central Bank in the international financial arena.
Also speaking, Soriba Camara, Ambassador of Guinea to Egypt, said that the granting of the facility to Guicopres represented an important contribution to the social and economic development of Guinea and would bring tangible benefits to the country and to the region.