Heirs Holdings partners Afreximbank on $600 million loan

In its bid to facilitate the growth of Intra-Africa trade and support the development of African businesses, Afrexim has signed financing facilities totalling US$600 million with the Heirs Holdings Group, a pan-African proprietary investment holding company.

The facilities are expected to support the Group’s power, oil and gas strategy, as it positions itself as an African leader in integrated natural resources. Proceeds of the facilities will assist the Heirs Holdings Group vision of creating a dynamic resource-based division, focused on ensuring value creation occurs on the African continent and that value chains are developed – that directly benefit the broader African economy and consumer.

Dr Benedict Oramah, President of Afreximbank, who signed on behalf of the Bank, stated that the investment by Heirs Holdings would play a key role in addressing some of the fundamental challenges that have affected the power and energy sectors in Africa.

According to him

“A world-class energy sector is fundamental to the sustainable growth of businesses in Africa. If we do not deal with these basic matters, growth of trade and exports will always be limited.”

Reacting to the new development, Mr Tony Elumelu, Chairman, Heirs Holdings, expressed his delight with the partnership with Afreximbank.

“Together, we illustrate that Africa can create world-class institutions, which are capable of successfully making the long-term investments necessary for Africa’s economic transformation and catalyse the enabling environment that will unleash Africa’s potential.”

About Afreximbank

African Export-Import Bank (Afreximbank) is an African financial institution, headquartered in Cairo, Egypt, whose primary objective is to promote and finance trade within the African continent and trade between Africa and other continents.

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About Heirs Holdings

Heirs Holdings was established in 2010 by businessman and philanthropist Tony Elumelu upon his retirement in 2010 from the United Bank for Africa (UBA) Plc, where he had been its erstwhile Group Managing Director.

Source: Nairametrics

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