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The African Export-Import Bank (Afreximbank) announced its Ready to unlock US$300 million to US$400 million (RM5.4 billion to RM7.2 billion) Investing in Lesotho.
The statement was made by Zitto Alfayo, Head of Project Preparation at Afreximbank, in an interview.lesotho times At the recent Joint Project Preparation Facility (JPPF) workshop between the Bank and the Lesotho National Development Corporation (LNDC).
The seminar topics are:Leveraging project preparation to boost trade and investment in Lesothoheld at Avani Maseru over the weekend.
Afreximbank is a pan-African multilateral financial institution established in October 1993 under the auspices of the African Development Bank in Abuja, Nigeria. Its headquarters are in Cairo, Egypt. The bank provides financial support to African governments and private enterprises to support trade in Africa and the Caribbean.
Afreximbank shareholders are made up of public and private entities divided into four categories: African governments, central banks, regional and sub-regional institutions, private investors and financial institutions, as well as financial institutions, export credit agencies and private investors outside Africa. Lesotho is one of the 51 African countries that have a stake in the bank.In the bank.
“We have allocated sufficient funds, ranging from $300 million to $400 million, specifically for Lesotho,” said Mr Alfayo.
He pointed out that the target areas include infrastructure, industrialization, manufacturing and export development.
Mr. Alfayo stressed that one of the main objectives of the seminar was to address a major challenge facing the African continent: the lack of a sufficient number of investable projects.
“The problem is not a lack of ideas, there are a lot of them. The problem is how to package these projects in a form that meets the expectations of financial institutions,” he explained.
To address this issue, Afreximbank is providing technical and financial support services to help prepare project documents that meet the standards required by financial institutions.
“We know that it usually takes a long time for developers to get funding from financial institutions. Through these interventions, we aim to shorten this time and ensure that projects are well-ready. This will also accelerate the number of projects entering the market,” added Mr. Alfayo.
In addition, Afreximbank is assisting the Libyan National Development Corporation in establishing its own Project Preparation Fund (PPF) to support local investors. The PPF program supports the development of bankable and investable projects, assisting with project conception, design and scoping, through to financial close.
“As a development finance institution, we are helping LNDC to benefit from our experience. We teach them how to prepare projects so that they can thrive and assist the government,” said Mr Alfayo.
Molise Ramaili, interim chief executive of LNDC, stressed that developing a concept into a bankable project requires rigorous assessment, including technical, financial, commercial, environmental, social and legal feasibility.
“This collaboration will prepare for the financing capabilities and investment readiness of transformational projects,” said attorney Ramali.
He stressed that the partnership aims to establish a pipeline of bankable projects that the private sector can finance, thereby unleashing development effects in the country.
Captain RamaliexplainThe JPPF partnership will strategically support the development and implementation of high-quality projects, rapidly advance new concepts to bankability, and accelerate the establishment of manufacturing and industrialization plants.
He added: “This ensures economic diversity and resilient growth.”
Thabo Moleko, Secretary General of the Ministry of Trade, Industry and Business Development, commended the partnership between LNDC and Afreximbank, noting that the workshophaveIt provides a valuable platform for stakeholders, especially those from the private sector, to interact with development finance experts.
“Our mission is to enable Lesotho to work effectively with institutions like Afreximbank to ensure our economy expands, diversifies and promotes regional, continental and global trade,” Mr Moleko said.
He also acknowledged that access to finance has been a major obstacle facing various economic sectors in Lesotho.
“For start-up small businesses, the problem is the lack of collateral and solid proposals, while for long-term investments, banks are often reluctant to finance long-term projects. The government has recognised these challenges and the workshop initiative reflects the progress we have made in addressing them,” he said.
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