Afreximbank Allocates $2 Billion for African Projects

Afreximbank has set aside $2 billion to support business and agricultural projects across Africa, as disclosed by Dr Gainmore Zanamwe, the bank’s director of trade facilitation and investment promotion, during a media briefing in Calabar. This announcement precedes the 6th African Sub-Sovereign Governments Network (AfSNET) Investment Conference, taking place from November 12 to 14.

Dr Zanamwe emphasized that the funding is intended for viable projects, countering the notion that lack of capital is a primary barrier to development in Africa. He stated that access to the funding would depend on the quality and bankability of proposed projects.

The conference will provide state governments and stakeholders with guidance on structuring and presenting projects to attract financing. Over the past five years, Afreximbank's investment promotion initiative has facilitated opportunities valued at over $3 billion.

Pastor Ekpenyong Cobham, speaking for Governor Bassey Otu, mentioned Cross River's efforts to enhance its agricultural sector to attract investment.