African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has signed an indicative term sheet with APD-Cameroon for the financing of the development and operation of a new port terminal in Douala, Cameroon, estimated to cost EUR210 million.
According to the term sheet, the proposed facility will be in two tranches in Euro and Central African Francs (XAF) of up to EUR147 million, with a proposed Afreximbank participation of EUR80 million.
The new terminal will be an extension of the existing Port of Douala and will consist of two berths to be numbered 53 and 54.
Addressing guests at the signing ceremony, which took place as part of the ongoing Afreximbank Annual Meetings (AAM2024), Helen Brume, Director of Project and Asset Based Finance at Afreximbank, said that the facility would help to address the “significant infrastructure financing gap” which remained on the African continent.
“By signing this term sheet, we are committed to helping our countries bridge this gap. We applaud the initiative of APD-Cameroon, which through its commitment to this project, is helping to promote an innovative financing mechanism through a public-private partnership, thereby, reducing the financial burden of these strategic investments on the Government of Cameroon,” said Mrs. Brume.
She noted that the Port of Douala was a key regional trade gateway for Central African countries which played a strategic role in regional integration by serving as a natural port for landlocked countries like Chad and the Central African Republic.
Marc Tabhcy, Founder and Chairman of APD Cameroon who signed on behalf of his organisation noted: “We are honoured to be part of the expansion and specialization of the Port of Douala by building additional berths that will be dedicated to dry bulk. The committed resources will allow to develop this critical infrastructure, significantly contributing to the growth of the economy, creating employment opportunities and encouraging inter-African trade."
The new specialised terminal is expected to help strengthen Cameroon’s position as a leading economic power in the central Africa region. AAM2024, which was combined with the third AfriCaribbean Trade and Investment Forum (ACTIF2024), ended on 15 June.
Distributed by APO Group on behalf of Afreximbank.
Media Contact:
Vincent Musumba
Manager
Communications and Events (Media Relations)
Email: press@afreximbank.com
About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2023, Afreximbank's total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, "the Group"). The Bank is headquartered in Cairo, Egypt.
For more information, visit: www.Afreximbank.com
Follow us on Twitter |Facebook | LinkedIn | Instagram
