Photo courtesy of Afrexim bank official website
CAIRO - 18 May 2017: Guinea government partnered with the Egyptian company Elsewedy Electric to develop solar power plants at a total investment cost of $500 million, which will be financed by the African Export-Import Bank (Afreximbank), according to the bank’s released statement on Wednesday.
Afreximbank will be financing Guinea’s new development plans and investment program. Development plans are expected to commence in the financial, agricultural, and energy sectors according to Afreximbank’s President Benedict Oramah.
This comes as part of a meeting between Oramah and a delegation of business leaders who discussed development priorities and growth strategies in other sectors such as mining, agriculture and energy.
The business delegation included leaders from the information technology, energy, construction, hospitality, financial services, manufacturing and agriculture sectors from Egypt, Côte d’Ivoire, Mali, Nigeria, Italy and Belarus.
“In line with its Intra-African Trade Strategy and value-added export drive, Afreximbank saw opportunities to finance industrial parks and export-processing zones focusing on agro-processing and light manufacturing in Guinea,” said Oramah.
Afreximbank’s president confirmed the economic growth could be a result of strong legislative platforms and economic reforms that the country is currently implementing in efforts to attract investments.
He also added that the bank is prepared to act as a consultant on project preparation and public-private partnerships, and will provide local content programs. The bank also plans to work cooperatively with business leaders from Africa to pass in industrial resources and investments.
The country seeks to focus on developing the agriculture and electricity sectors in efforts to turn Guinea into the regional power hub for West-Africa.
Afreximbank has previously held meetings with the Central Bank of Guinea, several ministries, and members of Guinea’s private sector.
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