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AfricaMoney | August 20, 2017

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Afreximbank lends $10 million to Mauritius-based AfrAsia

Afreximbank lends $10 million to Mauritius-based AfrAsia

The purpose of the loan is to help AfrAsia’s banking subsidiaries meet trade finance requirements of their clients. (Image: Afreximbank)

The African Export-Import Bank (Afreximbank) has extended a loan of $10-million (around Rs 300 million) to Mauritius-based financial services major AfrAsia Holdings Limited for its subsidiary, Meridan SPV.

Benedict Oramah, Afreximbank’s Executive Vice President for Business Development and Corporate Banking, and Lynn Mukonoweshuro, Group Chief Executive Officer of AfrAsia Kingdom Zimbabwe Limited, signed the term sheet at a ceremony at Afreximbank Headquarters in Cairo.

The facility, which is expected to be over a tenor of five years, is to assist AfrAsia’s banking subsidiaries to meet trade finance requirements of their clients.

The African Export-Import Bank (Afreximbank) is a Multilateral Financial Institution established in 1993 by African governments, African private and institutional investors as well as non-African financial institutions and private investors for the purposes of financing and promoting intra and extra African trade.

Both AfrAsia Holdings Limited and Meridian SPV are involved in the provision of financial services.

Company Profile

AfrAsia Bank Limited

Mauritius-based financial major AfrAsia Bank Limited is a boutique private and corporate bank, established in 2007.

The bank has the ability to tailor innovative banking solutions for both local and international markets focusing on – corporate and investment banking, private banking and wealth management, as well as international banking solutions.

In addition to Mauritius-based conglomerate GML, other strong strategic partners include PROPARCO (subsidiary of French Development Agency AFD), Intrasia Capital and Asiabridge.

The bank’s core banking and transactional capabilities are conducted through bank representative offices in Cape Town and Johannesburg, its asset management arm, AfrAsia Capital Management and its investment banking arm, AfrAsia Corporate Finance as well as a holding company in Zimbabwe.

Source: Company Website

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