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Signature(s)

Amount
€ 300,000,000
Sector(s)
Credit lines : € 300,000,000
Signature date(s)
8/11/2022 : € 300,000,000

Summary sheet

Release date
8 November 2022
Status
Reference
Signed | 08/11/2022
20220125
Project name
Promoter - financial intermediary
AFREXIMBANK SUPPLY CHAIN LOAN FOR SMES & MIDCAPS
ACCEPTABLE BANK(S),AFRICAN EXPORT-IMPORT BANK
Proposed EIB finance (Approximate amount)
Total cost (Approximate amount)
EUR 300 million
not applicable
Location
Sector(s)
Description
Objectives

The project consists of a loan to Afreximbank for supply chain financing support to private sector entities in Africa. Under this operation, the financing solutions offered by Afreximbank directly, or via other financial intermediaries, will be dedicated to support private sector loans primarily denominated in hard currency.

The purpose is to enhance access to finance for small and medium sized enterprises and MidCaps. This project contributes to several Strategic Development Goals and focuses on supporting intra and extra African trade.

Additionality and Impact

The operation concerns a loan to the financial intermediary Afreximbank for supply chain financing support to private sector entities in Africa. The financing solutions offered by Afreximbank directly or via other financial intermediaries may include products like import finance, pre-export financing and prepayment financing. The project is expected to contribute towards addressing the market failure of imperfect information and the ensued obstacles to access to finance that Small and Medium Enterprises (SME) are confronted with when applying for funding by enabling SMEs to access hard currency financing, improve employment and reduce poverty. The provisioning of EIB funding at appropriate terms and conditions will contribute to strengthen the borrower's funding profile and will support its on-lending to SMEs in particular. The project falls under the remit of the European Union's (EU) external action, the Neighbourhood, Development and International Cooperation Instrument (NDICI) and its Investment Framework as well as the African Union's Agenda 2063 and the EU Sub-Saharan Africa Multi-Annual Indicative Programme 2021-2027, which supports a stronger regional and continental economic integration through inclusive economic growth and job creation. The operation will advance several Sustainable Development Goals (SDGs), especially SDG 8 (decent work and economic growth) and SDG 10 (reduced inequalities).

Environmental aspects
Procurement

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.

Milestone
Under appraisal
Approved
Signed
20 October 2022
8 November 2022

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

General enquiries and comments

The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
Alternatively, the EIB can be contacted through its external offices.
Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

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Complaints mechanism

Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

Zero tolerance against fraud and corruption

The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

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