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Libreville, Monday, July 22, 2024 (Gabon News) – Gagan Gupta, CEO of Arise IIP, and Samaila Zubairu, CEO of the African Finance Corporation (AFC), announced on July 18 in Lagos (Nigeria) the signing of a Memorandum of Understanding to establish a 60.2 billion CFA franc fund to provide financial support to Arise IIP manufacturers.
The Pan-African developer and operator of world-class industrial parks has entered into a marriage of convenience with African infrastructure solutions providers for the benefit of African industrialists.
“Arise IIP is synonymous with empowerment. By supporting my clients and ensuring they have the strong financial backing they need to achieve their operational goals, working with AFC, our long-term partner, brings us one step closer to our vision of industrializing and prospering Africa,” said Gagan Gupta.
At the heart of this partnership is a shared vision to provide financial support to African companies established in the Special Economic Zones developed by Arise IIP, providing them with the financing and hospitality services they need to stimulate their growth. AFC will also seek to obtain financing from Export Credit Agencies (ECAs), local and regional financial institutions to mobilize funds to support these enterprises.
Clearly, this joint effort underscores the commitment of Arise IIP and AFC to industrialization, job creation and economic prosperity in Africa.
“This partnership marks a significant milestone in our commitment to providing strategic financial advisory and corporate finance services focused on value creation and import substitution projects in Africa,” said Samaila Zubairu.
He added: “By working with our Arise IIP companies and those located in the Special Economic Zones, we aim to foster an ecosystem that increases trade, creates jobs and stimulates economic progress on the continent.”
Under the leadership of his predecessor, Snjeev Gupta, AFC’s Financial Services Division built a strong financial advisory and debt syndication team, providing structuring and distribution solutions to the market, achieving many advances for clients and society. Borrowings increased fivefold from 964.115 billion CFA francs to over 4820.57 billion CFA francs, and the company raised approximately 602.57 billion CFA francs of new equity.
As part of the Arise IIP-AFC partnership, AFC’s full range of financial services will go beyond simple financing to include corporate financing, equipment financing and financial advice in other markets, including support for joint ventures and technology partners to ensure they are well-positioned to seize opportunities and grow within the park. By leveraging AFC’s extensive network and experts, Arise IIP aims to foster an innovative and vibrant ecosystem to promote entrepreneurship and drive sustainable economic development across the African continent.
Let us remember that Arise IIP is present in ten African countries and is committed to making Africa prosperous by creating a sustainable path to industrialization around five main sectors: Raw Materials Services, Logistics Services, Industrial Zones, Operations and Maintenance, Transformation, Branding and Distribution.
FIN/INFOSGABON/SM/2024
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