The African Export Import, AFREXIM, Bank has signed a $1billion memorandum of understanding, MOU, with the Dangote Group of Companies at the 24th Annual General Meeting of the bank holding in Kigali, Rwanda.
AFREXIM Bank's president, Dr. Paul Oramah, said the deal was part of the bank's bid to expand businesses in Africa through disbursement of N9 trillion in the next five years.
He said the regional bank, which was currently focusing its core strategy on promoting intra-African trade, promoting industrialisation and export of manufactured goods as well as maintaining trade financing leadership in Africa, was already making its business supportive and promotion impact in many countries within the continent.
Earlier, Dangote thanked the bank for the loan saying it would be judiciously utilized in expansion of the group's investment.
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