S&P Global Ratings has assigned the African Export-Import Bank (Afreximbank) a BBB+ investment-grade rating.
The latter report forecasts that African economies will grow on average by 3.8% in 2024 – slightly ahead of predicted global growth of 3.2% – prior to increasing by 4% in 2025.
This announcement follows the success of the first accordion tranche of the $3.3 billion facility
Afreximbank’s results for the financial year ending December 31, 2023 showed remarkable strength and resilience, surpassing the previous year’s performance.
The signing ceremony was held during a media briefing on Thursday in the Bahamas.
“It is through this spirit of cooperation and collaboration that we will unlock the untapped potential of our continent,” said Mr Obasanjo.
Mr Sanwo-Olu said the $1.35 billion investment would facilitate five major infrastructure projects in the state.
He said the institutions needed to be properly capitalised and have coordination with the African Union (AU) to deliver effectively for the continent.
Unknown individuals broke into the singer’s hotel room in the capital Abidjan.
The bank explained that proceeds from the facility will boost tax revenue and foreign currency receipts adding that the deal will also create thousands of jobs.
