Afreximbank pledges financial support to Guinea's development plan and power agenda
17-05-2017 14:19:44 | by: Bob Koigi | hits: 4261 | Tags:

The African Export-Import Bank (Afreximbank) will provide financial support to assist Guinea in the implementation of its national development plan and related investment programme, Dr. Benedict Oramah, President of the Bank, has said in Conakry.

Speaking when he paid a courtesy call on Alpha Condé, President of Guinea, Dr. Oramah said that Afreximbank was also exploring ways to support Guinea's financial sector, the agricultural industry and its regional power plan.

The Afreximbank President, who was accompanied by a delegation of business leaders, said that the visit was to identify Guinea's key development priorities and to discuss how the Bank could support the growth of the financial sector and key industries, such as agriculture, mining and energy.

He said that, in line with its Intra-African Trade Strategy and value-added export drive, Afreximbank saw opportunities to finance industrial parks and export-processing zones focusing on agro-processing and light manufacturing in Guinea. Other areas were the financing of power projects and other trade-related infrastructure programmes that were key to supporting industrial development and regional integration.

"The return of economic growth, the strengthened legislative frameworks and the reforms that Guinea has been putting in place offer solid foundation to attract investment," Dr Oramah said, adding that the Bank was ready to provide advice on project preparation, public-private partnerships and local content programmes. It would also work with business leaders from Africa and beyond to bring the necessary industrial resources and investment into the country.

Earlier, President Condé said that Guinea's key priority was the development of agriculture and agro-processing activities in order to attain self-sufficiency and developing strong industrial value chains to create employment in the mining and manufacturing sectors.

Power was another focus area, he said, adding that several electrical dams were being developed to ensure reliable energy supply to Guinea and neighbouring countries with the aim of making Guinea the regional power hub for West-Africa.

The meeting culminated in the signing of a memorandum of understanding between the government and El- Sewedy Electric, an Egypt-based energy company, for the development of solar power plants and production of transformers and electric metres, with more than $500 million in financing to be provided by Afreximbank.

Earlier, the Afreximbank delegation held separate meetings with several ministers, the Central Bank of Guinea and some members of the country's private sector.

Accompanying President Oramah on the visit were Rene Awambeng, Director Client Relations; Richman Dzene, Special Assistant to the President; Ayman El-Zoghby of the Intra-African Trade Initiative; and Fleur Tchibota of the Communications Department.

The delegation included business leaders from the energy, information technology, construction, hospitality, financial services, agriculture and manufacturing sectors from Egypt, Côte d'Ivoire, Mali, Nigeria, Italy and Belarus.