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Nigeria’s Lagos gets $1.35 bln deal with Afrexim, Access on investments

Nigeria’s Lagos gets $1.35 bln deal with Afrexim, Access on investments

NIGERIA'S Lagos state has secured a partnership with African Export-Import Bank and Access Bank for an investment of $1.35 billion for infrastructure projects, its governor Babajide Sanwo-Olu said. Sanwo-Olu said the investment will be used to develop a bridge project, a creek project, and expand its light rail project in Lagos, the largest city in sub-Saharan Africa, with an estimated 20 million population. Lagos state last year shortlisted a consortium led by Portugal's builder Mota-Engil and two Chinese ventures to build a $2.5 billion bridge that is expected to relieve severe congestion in the mega-city. The Fourth Mainland Bridge will be…
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UN, Africa bank work to ease Russian grain, fertilizer exports -UN official

UN, Africa bank work to ease Russian grain, fertilizer exports -UN official

THE United Nations is working with the African Export-Import Bank (Afreximbank) to create a platform to help process transactions for Russian exports of grain and fertilizer to Africa, the top U.N. trade official told Reuters on Wednesday. An agreement struck in July last year requires the U.N. to help Russia overcome any obstacles to its grain and fertilizer exports for three years. It was reached at the same time as a deal allowing the safe Black Sea export of food and fertilizer from Ukraine following Russia's February 2022 invasion. The deals were intended to ease a global goods crisis that the United…
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Russia/Ukraine: Africa looks to reduce impact of war

Russia/Ukraine: Africa looks to reduce impact of war

SETH ONYANGO, BIRD STORY AGENCY THE African Export-Import Bank (Afreximbank) has unlocked a 4 billion US dollars credit line to help the economies and businesses blunt the knock-on effect of the war, as the continent braces for a longer conflict. Afreximbank approved the launch of the Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA) on 31 March 2022, as states across the continent ponder a fiscal response to tame inflationary pressures. UKAFPA is designed to help countries to meet immediate import price increases pending domestic demand adjustments and commodity export revenue stabilisation. Professor Benedict Oramah, President and Chairman of…
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EXCLUSIVE – COVID-19 shots to cost $3 to $10 in Africa

EXCLUSIVE – COVID-19 shots to cost $3 to $10 in Africa

DAVID LEWIS and ALEXANDER WINNING AFRICAN countries will pay between $3 and $10 per vaccine dose to access 270 million COVID-19 shots secured this month by the African Union (AU), according to a draft briefing on the plan prepared by the African Export-Import Bank (Afreximbank) and provided to Reuters. South African President Cyril Ramaphosa, who serves as AU chair, said last week arrangements had been made with the bank to support member states who want access to vaccines. Countries can pay back the loans in instalments over five to seven years, the document showed. Afreximbank's press office declined to answer…
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Afreximbank approves $2 bln for African nations to secure COVID-19 vaccines

Afreximbank approves $2 bln for African nations to secure COVID-19 vaccines

THE African Export-Import Bank (Afrexim) has approved $2 billion to support the acquisition of COVID-19 vaccines for African countries, its president announced yesterday. The African Union initially secured 270 million COVID-19 vaccine doses from manufacturers for member states. In January, it was announced that the bloc would receive another 400 million doses of the AstraZeneca vaccine. President Benedict Oramah told CNBC Africa Television the Afrexim board has approved the funds and that it was seeking to raise more funds for vaccine acquisition. He said that the 270 million doses will only cover around 15% of Africa's population, far short of…
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Bank provides $200 million for vaccines

Bank provides $200 million for vaccines

STANDARD Chartered Bank has revealed that it is providing $200 million in not-for-profit funding to the African Export-Import Bank's (Afreximbank) COVID-19 vaccine procurement framework for Africa. The facility is part of Afreximbank's Advance Procurement Commitment framework, under which it has provided a $2 billion guarantee to manufacturers to secure access to vaccine doses for African nations, Standard Chartered said in a statement. "The speed of vaccine rollout is not only a healthcare issue but is increasingly a differentiator of near-term, post-pandemic economic recovery for African nations," said Simon Cooper, Standard Chartered's Chief Executive for Corporate, Commercial, and Institutional Banking. Africa…
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