At its 32nd Annual Meetings (AAM2025), the African Export-Import Bank (Afreximbank) signed four project preparation agreements aimed at unlocking investments worth approximately $1 billion across several African countries.
The deals, announced during the event held from June 25–28 in Nassau, Bahamas, cover early-stage project financing in key sectors such as energy, healthcare, manufacturing, and logistics. The meetings attracted around 8,000 participants, including African heads of state, ministers, and business leaders.
Afreximbank Executive Vice President for Intra-African Trade and Export Development, Mrs. Kanayo Awani, signed all four agreements on behalf of the Bank.
Malawi: NBS Bank Collaboration Targets $300M in Investment
Afreximbank signed a Joint Project Preparation Facility Framework Agreement with Malawi’s NBS Bank Plc. The deal, signed by Mrs. Awani and NBS CEO Mrs. Temwani Simwaka, aims to provide early project preparatory financing to advance initiatives from pre-feasibility to bankable status.
The facility will target sectors including energy, transport, manufacturing, agro-processing, and tourism. A capacity-building component will train NBS staff to support future project development.
“Afreximbank and NBS will support public and private sector investors by availing financing and technical support services to de-risk projects,” the institutions stated.
Kenya: Pharmaceutical Plant to Address Regional Health Gaps
In a separate agreement, Afreximbank committed $4.4 million in project preparation financing to Med Aditus Pharmaceutical Kenya Ltd. to support a feasibility study for a proposed pharmaceutical plant in Kisumu County. The facility will produce up to two billion tablets and capsules annually.
The project is expected to enhance medicine access in the Great Lakes region and facilitate technology transfer in pharmaceutical manufacturing.
“The project will improve access to quality, affordable life-saving medicines… and support the long-term growth of the region’s health sector,” said Afreximbank.
Dr. Dhiren Thakker, Founder and CEO of Med Aditus, signed for the company.
Zimbabwe: Floating Solar Project Eyes Industrial Demand
Afreximbank signed a Heads of Terms agreement with Green Hybrid Power Pvt. Ltd. for a $4.4 million facility to prepare a 1-GW hybrid floating solar PV system on Lake Kariba.
The project, to be developed in two phases, will start with a 500-MW pilot to serve Zimbabwe’s mining and industrial sectors under a 20-year power purchase agreement.
“The project will supply affordable and reliable power… thereby boosting the country’s foreign exchange earnings,” said Mrs. Awani.
Mr. Eddie Cross, Chairman of Green Hybrid Power, signed for the company.
Nigeria: Gas Power Plant to Supply Lagos Distribution Network
The Bank also signed a $4 million facility with Proton Energy Ltd. to support preparation of a 500-MW gas-fired power plant in Sapele, Nigeria. An initial 150-MW phase will supply electricity to Eko Electricity Distribution Company under a long-term power purchase agreement.
“The facility is expected to bring on stream assets estimated at US$ 300 million,” the Bank said.
Mr. Oti Ikomi, Executive Vice Chairman and CEO of Proton Energy, signed for the company.
Leadership Transition at Afreximbank
AAM2025 concluded with the Annual General Meeting of Shareholders, where Dr. George Elombi was appointed the next President of Afreximbank. He will succeed Prof. Benedict Oramah, who is completing his second five-year term.
The deals reflect Afreximbank’s continued focus on de-risking projects and boosting private and public sector investment across Africa’s development priorities.
