Afreximbank bags banker, deal of year awards

African Export-Import Bank (Afreximbank) has won the ‘Bank of the Year’ and ‘Deal of the Year (Infrastructure)’ awards at the African Banker Awards.

Vincent Musumba, Manager, Communications and Events, Afeximbank, said in a statement on Thursday that the recognition was announced at the awards gala ceremony held in Nairobi, Kenya.

Musumba said the ceremony, which was attended by no fewer than 300 of the continent’s leading figures in banking and finance, saw Afreximbank win the awards for the second consecutive time.

He said the 18th edition of the African Banker Awards celebrated the achievements of individuals and institutions that have contributed significantly to the growth and development of Africa’s banking sector over the past year.

Musumba said the award organisers highlighted Afreximbank’s exceptional performance across various metrics.

“Key among them is “considerably changing the banking landscape by reaching out to new customers, offering new services, and adopting inclusiveness by bringing the unbanked into the banking space.

“Also making use of new technologies and helping to drive growth through a stronger financial sector.”

He said the Bank of the Year award reflected Afreximbank’s outstanding financial performance, as the group’s results for the financial year ending Dec. 31, 2023, showed remarkable strength and resilience, surpassing the previous year’s performance.

Musumba said in the Deal of the Year—Infrastructure category, Afreximbank was honoured for its 155 million-dollar investment in Great Horn Investments Holding (GHIH).

“This funding supports a series of development projects in Djibouti’s Damerjog Industrial Development Free Trade Zone.”

He said the deal was announced in 2023 following a meeting between Afreximbank President Prof. Benedict Oramah and President of Djibouti, Omar Guelleh, during the 2023 Summit of Heads of State of the African Union held in Nairobi.

Musumba said the Deal of the Year—Infrastructure award was particularly significant for Afreximbank as it marks the bank’s first collaboration with GHIH and the government of Djibouti.

He said the partnership aimed to help Djibouti achieve its goal of becoming a regional transshipment and logistics hub.

“This project will greatly promote intra-African trade, given Djibouti’s strategic location in the Horn of Africa, and support neighbouring economies such as Ethiopia and Somalia through access to freight services.

“The facility is critical to Djibouti’s economic development as the funds will be used for the completion of the Damerjog Oil Jetty, expected to provide marine connectivity to the free trade zone.

“Also for the construction of a 150,000 m2 first storage depot/oil tank farm, as well as for other costs related to the projects.

“This will greatly help develop Djibouti’s infrastructure and its vision of becoming a ‘regional transport hub’ by 2035.”

Masumba quoted Oramah, who spoke at the award ceremony, as saying,

“We are extremely delighted to win both the Bank of the Year and the Deal of the Year for Infrastructure, as these awards underscore our expertise in development financing.

“I accept these awards on behalf of the hardworking staff of Afreximbank, our customers and partners, and also the Alliance for African Multilateral Financial Institutions, who work tirelessly to make the change that Africa needs.

“Many of our members have excelled in tonight’s ceremony, and this demonstrates the magnitude of their continual contribution towards meeting the development needs of our great continent, including infrastructure, trade, and SME lending, among others.”