The Launch of Afrexim Bank’s Project Preparation Facility – PPF, was held as part of activities during African Development Bank’s Africa Investment Forum at Sandton Convention Center in Johanneburg, South Africa.
The event commenced with an opening remark by the Chair, Wofai Samuel, who stated that African Export – Import Bank’s Project Preparation Facility is another milestone achievement for the continent and a perfect representation of Afrexim Bank’s mandate to drive industrialization, improve infrastructure and accelerate export development in Africa.
“This is a bold step in the right direction to assist Africa unleash its true potential through de-risking of investments”, she concluded.
The President and Chairman of the Board of Directors, Prof. Benedict Oramah welcomed invited guests’ to the launch, stating that PPF is structured around the industrialization and export development strategy pillar of Afrexim Bank’s Impact 2021.
APPF he said, ” focuses mainly on projects with export development capacity. In this regard, projects that require infrastructure will go up the value chain”.
He also reiterated that, Afrexim Bank seek’s to stimulate a consistent expansion and diversification of African production and trade across the continent, stressing on the need for new approaches and players to get involved and complement ongoing project preparation activities across the continent.
Keynote Speaker and CEO of Harith General Partners, South Africa, Tshepo Mahloele explained the outloook on project preparation in Africa , highlighting the challenges and opportunities in project preparation.
He clearly stated that Harith has gone about ensuring that the preparation around infrastructure projects is handled efficiently and professionally and the approach is key to the eventual success of the projects being developed, and ultimately to unlocking Africa’s vast economic potential.
He stated that the challenges faced by prospective infrastructure project promoters and developers include a wide number of factors like: Insufficient capital for investment – which he attributed to the perceived risks associated with investing in Africa, and a lack of clarity and or consistency, meaning capital is being invested elsewhere and not in Africa.
In this regard, he congratulated the management of Afreximbank and Prof. Oramah for initiating the launch of the Project Preparation Facility..
The Manager, Project Finance and Coordinator , PPF – Zitto Alfayo presented an overview of AfreximBank sponsored project facility, stating that; Afreximbank is Launching a PPF owing to the Immediate need for project preparation activities in transactions aligned to the Bank’s strategy.
He stated the Objectives of APPF to include : The enhancement of financial sustainability of project preparation for projects that promote Intra African Trade, Industrialization & Export Development activities.
Partnerships he said is another critical objective, thus leveraging off and partner with other project preparation facilities in the continent and beyond to support preparations.
The launch and unveiling of APPF Plaque was led by the President of Afrexim Bank, Prof. Benedict Oramah, Past PresidentS of Afrexim Bank, Director of Structured Finance, Koffi Adomakoh , Manager , Project Finance and Coordinator – PPF, Zitto Alfayo and the Assistant Coordinator – PPF , Ayo Mubarak amongst others.