The African Export-Import Bank (Afreximbank) has for the second year in a row, emerged as a double winner at the African Banker Awards, winning both the ‘Bank of the Year’ and ‘Deal of the Year (Infrastructure)’ awards.
The prestigious recognition was announced at the awards gala ceremony held in Nairobi, on the sidelines of the African Development Bank (AfDB) annual meetings and attended by over 300 of the continent’s leading figures in banking and finance.
The achievement was shared with the Ghana News Agency, in a release by Afreximbank, a Pan-African multilateral financial institution, which is mandated to finance and promote intra-and extra-African trade.
The award organisers, African Bankers Awards 2024, highlighted Afreximbank’s exceptional performance across various metrics, key among them, “considerably changing the banking landscape by reaching out to new customers, offering new services, adopting inclusiveness by bringing the unbanked into the banking space, making use of new technologies, and helping to drive growth through a stronger financial sector.”
The Bank of the Year award reflects Afreximbank’s outstanding financial performance, as the Group’s results for the financial year ending 31 December 2023 showed remarkable strength and resilience, surpassing the previous year’s performance.
It said Afreximbank was honoured for its USD 155 million investment in Great Horn Investments Holding (GHIH) as part of the Deal of the Year – Infrastructure category.
This funding supports a series of development projects in Djibouti’s Damerjog Industrial Development Free Trade Zone.
It said the deal was brokered last year following a meeting between Afreximbank, President Prof. Benedict Oramah and President of Djibouti Omar Guelleh, during the 2023 Summit of Heads of State of the African Union that was also held in Nairobi.
Prof. Oramah, President and Chairman of Board of Directors, Afreximbank noted: “We are extremely delighted to win both the Bank of the Year and The Deal of the Year for Infrastructure as these awards underscore our expertise in development financing.
“I accept these awards on behalf of the hardworking staff of Afreximbank, our customers and partners, and also the Alliance for African Multilateral Financial Institutions who work tirelessly to make the change that Africa needs.
“Many of our members have excelled in tonight’s ceremony and this demonstrates the magnitude of their continual contribution towards meeting the development needs of our great continent -including infrastructure, trade, SME lending among others.”
According to the release, the partnership was to help Djibouti achieve its goal of becoming a regional trans-shipment and logistics hub, and boost intra-African trade, given Djibouti’s strategic location in the horn of Africa and support neighbouring economies such as Ethiopia and Somalia through access to freight services.
The facility is critical to Djibouti’s economic development as the funds would be used for the completion of the Damerjog Oil Jetty, expected to provide marine connectivity to the free trade zone, and for the construction of a 150,000m³ first storage depot/oil tank farm, as well as for other costs related to the projects.
Now in its 18th edition, the African Banker Awards celebrate the achievements of individuals and institutions that have contributed significantly to the growth and development of Africa’s Banking sector over the past year.
There were 18 other personal and institutional awards.
At the end of December 2023, Afreximbank’s total assets and guarantees stood at over US$37.3 billion, and its shareholder funds amounted to US$6.1 billion.
