EMEA Finance honours AfrAsia Bank at Project Finance Awards 2014 for best transport infrastructure deal
AfrAsia Bank received the ‘Best transport infrastructure deal in EMEA’ award from EMEA Finance at the prestigious publication’s Project Finance Awards 2014 for its support in the Ethiopian Railways Corporation’s rail infrastructure upgrade, testifying to the success of the bank’s strategy in Africa.
EMEA Finance, an international magazine dedicated to the finance sector in Europe, Middle East, and Africa (the EMEA region), has conferred upon Mauritius-headquartered AfrAsia Bank the ‘Best transport infrastructure deal in EMEA’ award at its Project Finance Awards 2014 for its support in the Ethiopian Railways Corporation’s rail infrastructure upgrade.
Ethiopian Railways Corporation’s (ERC) key objective is to provide a modern, timely and cost effective passenger and freight rail transportation service in Ethiopia.
The project began in 2011 when ERC announced a long-term rail infrastructure programme to ease the flow of goods along the Addis Ababa-to-Djibouti railway route. Upon its expected completion in 2017, this project will provide a significant link allowing improved connectivity of passengers and freight among the northern, central and eastern regions of Ethiopia.
The dual-tranche financing package of USD 865 mn to develop a 400-km line that joins Woldia in the northern Amhara region with Awash, near Addis Ababa, is the largest syndicated deal secured by an Ethiopian government body, with the Mandated Lead Arranger of this project being Credit Suisse, and AfrAsia Bank being a participant in the facility.
“We continue to be believers of the Hopeful Continent, and this award is a testament to the Bank’s successful strategy on African ground as we leverage our global capabilities to bring excellence in the tailor-made advice and financial solutions that we provide,” commented James Benoit, CEO of AfrAsia Bank.
In line with maintaining its quality and service differentiation, AfrAsia Bank continues to invest in its delivery capabilities and its people to better serve its customers, while retaining focus on its core business lines: Corporate and Investment Banking, Private Banking and Wealth Management, International Banking and Treasury.
About EMEA Finance:
EMEA Finance is a bimonthly publication that reports on the major financial events and happenings initiated and influenced by the international financial industry active in Europe, Middle East, and Africa (the EMEA region).
Carried out annually, the Project Finance Awards serve to recognize leading banks, financial advisers and supporting professionals that are active in important areas of finance across the EMEA region since 2007.