Afreximbank signs $1.2bn financing deals with 4 African companies

African Export-Import Bank (Afreximbank) on Wednesday signed financing deals worth $1.2 billion with four African companies and a Memorandum of Understanding (MoU) with the African Union Development Agency (AUDA-NEPAD).

The breakdown of the deal shows that Oakmill Group International signed a $210 million project finance facility, $100 million trade finance facility was in favour of Harvest Group of Companies.

Also, a $110.4 million syndicated term loan facility was signed in favour of Zimbabwe Electricity Transmission and Distribution Company (ZETDC), and $750 million for Eroton Exploration and Production Company Limited.

It was explained at the signing ceremony in Durban, South Africa that the bank issued the facility to Eroton to finance the acquisition of 100 percent of the shares into special purpose vehicles, oil mining lease, under secured, senior secured reserve-based lending facility, and also to finance the prepayment of all of Eroton’s outstanding exposures with its existing lender. This has taken two years to come to fruition.