The African Export-Import Bank (Afreximbank) and Al-Mahaliya Inc. of Mauritania recently signed a US$21.4mn financing agreement for the development of a 100-metric tonnes per day dairy processing and bottling plant in Nouakchott
The agreement, signed on the sidelines of the 30th Afreximbank Annual Meetings (AAM2023), is expected to boost the local dairy sector and associated value chains in Mauritania and help standardise the industry.
According to the agreement, the development of the dairy processing and bottling plant, which fits within Afreximbank’s industrialisation and export development strategy, will facilitate and provide financing for the manufacturing sector through agro-processing and light manufacturing.
In addition, Afreximbank entered a working relationship with Digiloop, a limited liability company focused on enhancement and monitoring of external and internally generated revenues, for collaboration in revenue origination, enhancement and monitoring services as well as bankability reviews for African countries on behalf of the Bank.
The memorandum of understanding (MOU) signed by Kanayo Awani, executive vice president at Intra-African Trade Bank for Afreximbank, and Sabelo Sivuyile Maqungo, managing director at Digiloop, provides for Digiloop to track the facilitation of capital raise and enhancement of security loans on the back of existing or new streams of revenue for the Bank.
Moreover, the Bank also signed two other MOUs, with Banque De Developpement Des Etats De L’afrique Centrale (BDEAC) and New Hayven Merchant Bank of Guyana, aimed at catalysing trade, commerce and investment for the growth of the economies in the African and Caribbean regions.
The MOU with BDEAC provides a broad framework for cooperation and collaboration between Afreximbank and BDEAC in harmonising efforts for the promotion of trade and economic development regarding areas such as equity participation, facilitation of the identification, preparation and co-financing of projects, capacity building and consultation and sharing of information.
The MOU with New Hayven Merchant Bank of Guyana provides for the Guyanese private sector and the government to identify business opportunities and projects that would be profitable for investors and that would contribute to Guyana’s growth and development. Such opportunities will focus on economically sound businesses and projects that would create manufacturing, agriculture, technology transfer and service jobs for Guyana.