The African Export-Import Bank (Afreximbank) says it is in discussion with a local group to provide about $100 million support for Comoros’ aviation sector and other infrastructure.
Afreximbank announced this in a statement issued on Thursday by Mr Obi Emekekwue, its Director and Global Head of Communications and Events Management.
Emekekwue quoted the bank’s President, Prof. Benedict Oramah, as revealing this when he visited President Azali Assoumani on Wednesday in Moroni, the country’s capital.
Oramah told Assoumani that there were ongoing discussions with the Ministry of Finance of Comoros and the Central Bank, which would make it possible for Afreximbank to provide an initial tranche of $20 million.
According to him, the money is to support trade and related infrastructure, including fuel and other strategic imports.
“We are also discussing with a local group that is trying to set up an airline in order to provide it with the financing it needs to enable it acquire aircraft to operate local routes,” he added.
Oramah said that Afreximbank’s intention was to ensure that all its member countries enjoyed the benefits of their membership.
Comoros joined Afreximbank as its 46th participating state on Sept. 12, 2017.
Assoumani said the government would work with the bank to ensure successful implementation of any transactions.
He added that Comoros required support in exploiting some of its resources and in adding value to its products, particularly in the areas of agriculture, fisheries and inter-island transportation.
The Afreximbank delegation subsequently held a meeting with Said Ali Said Chayhane, the Minister of Finance; Dr. Younousa Imani, Governor of Central Bank of Comoros, and Fouday Goulame, Commissioner General, National Planning, to discuss the technicalities.
Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.
The bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.
Since 1994, it has approved more than $67 billion in credit facilities for African businesses, including $7.2 billion in 2018.
Afreximbank is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch). The bank is headquartered in Cairo.
