*…. Disburses $18b to finance projects across Africa
President, board of Afreximbank, Prof. Benedict Oramah, has announced that the bank’s total asset was $37.3 billion at the end of 2023 financial year, against $31.3 billion recorded in the corresponding period in 2022, amid harsh operating environment.
The bank also disbursed a total of $18 billion to finance investment project across Africa and Carribean. The figure represents an increase of 7.7 per cent over $16.6 billion achieved in the corresponding period in 2022.
At the 31st yearly general meeting of the bank held in Nassau, Bahamas, Oramah said 11 of 15 members of the Caricom had joined Afreximbank and signed the partnership treaty that conveyed the same rights and privileges as Afreximbank.
Oramah said aside the increase in asset, Afreximbank Group’s total revenues also rose by 74.2 percent to $2.6 billion, from $1.54 billion in the previous year while its net profits stood at $756 million, representing 66 per cent rise when compared to $455 million in the previous year.
He said: “The global Africa bank has emerged with a purpose, time to take a centre stage in facilitating Intra African trade is now. It is a new beginning because we are rediscovering our new heritage.We are proud to be associated with these transformational projects, demonstrating the critical role of the capital we control in financing our development.
According to him, the bank has played a crucial role in the establishment of Dangote Refinery and Petrochemical Company, adding that these additional facility has brought its total direct and indirect support for the complex over the years to $2.6 billion.
The support for the Dangote project came as part of a broader strategy, including $1.3 billion in combined support to build a new refinery in Cabinda, Angola, and refurbish the Port Harcourt refinery in Nigeria.
“Our aim is to create refining capacity that ensures at least 50 percent of the approximately 5 million barrels per day of crude oil produced in the Gulf of Guinea is refined in Africa.”
The refinery is currently the largest single-train oil refinery in the world with a processing capacity of over 650,000 barrels per day of crude oil while the fertiliser company is one of the largest nitrogen fertilizer plants, producing 3 million tons of urea fertilizer per year, set to rise to 6 million tons, and a petrochemical plant producing about a million tons of polypropylene annually.
He said Afreximbank aimed at collaborating with the CARICOM Secretariat to establish the Caribbean EximBank to support similar transformational projects in the region.
