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Kudzanai Sharara in Cairo Egypt
The African Export-Import Bank (Afreximbank) has signed a term sheet with Exodus and Company , a construction company in Zimbabwe, but with operations across the continent.
The Intra-Africa Invest Finance Facility was signed on the sidelines of the Intra-African Trade Fair (IATF2023)in Cairo, Egypt.
Signing on behalf of the two institutions was Denys Denya, Executive Vice President, Finance, Administration and Banking Services (FABS) Afreximbank and Progress Mambo, chief executive of Exodus and Company.
The Afreximbank has extendend a US$141 million intra-Africa Investment Finance Facility to one of Zimbabwe’s leading construction firm Exodus and Company.
The facility, which has a seven year tenure, is earmarked to support Exodus in its strategy to become a continental actor in engineering and procurement sector in Africa by enhancing its capacity to execute large projects.
This is the second deal signed by a Zimbabwean firm at the Intra-Africa Trade Fair.
On Friday Afreximbank signed a term sheet with the Central Africa Building Society (CABS), a commercial bank in Zimbabwe for a three-year trade finance facility.
This CABS facility aims to bolster Zimbabwe’s productive sectors, particularly agriculture, mining, and manufacturing.
Online Reporter