Tech

Afreximbank seals $117m agreement to finance Veenocks Tiles Plant in Nigeria

Published

3 months ago

August 16, 2024

African Export-Import Bank (Afreximbank), has announced signing an agreement that will see it financing of the development of Veenocks’ Porcelain Tile Manufacturing Plant located in Sagamu, Ogun State, Nigeria.

According to a press statement by the bank, the tiles plant which is to be operated as an indigenously owned state-of-the-art facility with an annual production capacity of 6.6 million square metres of floor and wall tiles, is expected to bring on stream assets with an estimated investment cost of $117 million.

Executive Vice President of Intra-African Trade and Export Development Bank at Afreximbank, Mrs. Kanayo Awani, who signed the facility agreement on behalf of the financial institution, noted that under the terms of the facility agreement, “the project preparation facility will be deployed during the pre-investment stage towards de-risking the project and rapidly advancing it to bankability.”

“With the early-stage intervention sending a strong signal to the market about Afreximbank’s commitment to the project, Afreximbank will be appointed the Mandated Lead Arranger and will take the lead in syndicating the debt raise, with the ability to incorporate credit enhancements, if needed,” the statement said.

Awani explained further that the facility agreement reflected Afreximbank’s commitment to advancing impactful projects in Nigeria and beyond as well as its dedication to leveraging its diverse product suite to offer end-to-end solutions throughout the project finance value chain.

“The holistic approach reflects the Bank’s comparative advantages in supporting its member countries to implement projects efficiently and effectively and of its support for indigenous African investors establishing state-of-the-art manufacturing facilities.”

Adebisi Abidemi Adebutu, the
Chief Executive Officer of Group President of R28 Holdings, the parent company of Veenocks Tiles, also stated in a statement:

“We are thrilled to welcome Afreximbank as a key partner in Veenocks’ journey towards sustainable growth. Once fully implemented, our state-of-the-art factories will set a new benchmark for world-class facilities in Africa, showcasing our commitment to excellence and innovation.

“This strategic partnership with Afreximbank marks a significant milestone in Veenocks’ expansion plans, enabling the company to leverage the Bank’s expertise and resources to drive growth and development in the region.

“With this collaboration, Veenocks is poised to make a meaningful impact in the industry, fostering economic growth and creating opportunities for communities across Africa.”

Related Topics:Afreximbank Agreement Featured Investment Nigeria Veenocks Tiles

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Tech

Ghana partners with The Gambia to provide free roaming services

Published

7 hours ago

November 21, 2024

Isaac Dachen

Ghana and The Gambia are in the process of launching free roaming services that will enhance a West African connectivity.

The plan which is a joint initiative of the Ghana Ministry of Communications and Digitalisation and The Gambian National Communications Authority (NCA) will see mobile users in both countries avoiding extra charges for calls, texts, and data, which in turn, is expected to boost trade, tourism, and economic integration across borders.

The collaboration, according to a joint statement by the two bodies, aligns with the Economic Community of West African States’ (ECOWAS) broader push for seamless regional communication.

“Ghana and The Gambia are forging new paths in West Africa’s digital landscape, implementing a free-roaming initiative,” the statement said.

“This move strengthens regional connectivity while highlighting the role of technological collaboration in fostering economic integration. The initiative enables mobile users travelling between the two nations to make calls, send messages, and use data services without additional roaming fees.”

It further noted that by reducing these costs, the program aligns with the ECOWAS Free Roaming Initiative, which seeks to eliminate barriers to communication across member states.

“It is a boost for trade and travel as the free roaming plan is expected to spur economic activities by streamlining cross-border communication.

“Businesses and individuals travelling between Ghana and The Gambia can now stay connected without worrying about exorbitant charges, facilitating smoother transactions and personal interactions. The initiative is also expected to attract more tourists by ensuring seamless digital access for visitors.

“This collaboration marks another milestone in Ghana’s commitment to expanding digital connectivity, following Ghana’s successful implementation of similar agreements with Côte d’Ivoire, Togo, and Benin, with talks of possible roaming partnerships with Liberia.

“By focusing on digital integration, Ghana and The Gambia demonstrate the power of technology to bridge gaps between countries. This step also serves as a model for other West African nations to join the free-roaming framework, contributing to the larger goal of a connected and economically integrated region,” it added.

Tech

Tanzania to host 6th Ocean Innovation Africa summit in February

Published

1 day ago

November 20, 2024

Isaac Dachen

Dar es Salaam, Tanzania, has been selected to host the sixth edition of the Ocean Innovation Africa (OIA) summit from February 24-28, 2025, as a flagship event within Regenerative Ocean Week.

The Ocean Innovation Africa is set to be Africa’s most significant platform for Ocean Innovation conservation, and sustainable development in the blue economy. OIA2025 will be co-organised with leading partners, including IUCN, GIZ, OceanHub Africa, Catalyze and the Ocean-Climate Platform.

With the theme, “Science-to-Solution”, the Regenerative Ocean Week will present a line-up of sessions designed to bridge the gap between scientific research, business innovation, policy, and community engagement.

According to the organizers of the event, it will bring together African ocean innovators, investors, researchers, policymakers, and community leaders to explore practical solutions that can be applied across the continent.

“These include the OIA Pitch Competition, which is a platform for Africa-based startups and entrepreneurs to showcase breakthrough ideas in ocean-impact solutions, allowing them to connect with investors and industry leaders and emphasizing Africa’s role in driving sustainable ocean initiatives,” the organizers said in a statement.