Afreximbank, Heirs Holdings sign N219bn financing agreement

The African Export-Import Bank, Afreximbank has signed financing facilities agreement, totalling $600 million ( 219 billion at N365/$1) with the Heirs Holdings Group, a pan-African proprietary investment holding company.

It said this is in pursuit of its mandate to facilitate the growth of intra-Africa trade and support the development of African businesses.

Heirs Holdings, which has significant investments across Africa in the financial services, resources, real estate and hospitality and power sectors, plans to deploy the facilities to further support its power, oil and gas strategy, as it positions itself as an African leader in integrated natural resources.

The Afreximbank President, Prof. Benedict Oramah, represented the Bank while Tony Elumelu, Chairman of Heirs Holdings, represented the group during the signing ceremony which took place at the inaugural Intra-African Trade Fair (IATF) in Cairo.

According to Heirs Holdings, the proceeds of the facilities will support the Group’s vision of creating a dynamic resource-based division focused on ensuring value creation on the African continent and the development of value chains that directly benefit the broader African economy and consumer.