The African Export-Import Bank (Afreximbank), a multilateral financial institution, has mobilized $370 million in Engineering, Procurement and Construction (EPC) funding. The bank signed a series of agreements this week in Lagos, all aimed at bolstering the capacity of African contractors.
The deals include a $300 million facility agreement for Egyptian construction firm Hassan Allam; a $45 million term sheet for Sierra Leone-based Pavifort Construction; and a $25 million term sheet for Afric Cement, based in Burkina Faso.
According to Afreximbank’s Director of Trade and Corporate Finance, this funding initiative seeks to address Africa’s infrastructure gap by empowering local contractors to take on more prominent roles in large-scale projects across the continent.
