PRESS RELEASE
Gabon to receive $19 million trade finance support from Afreximbank
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Representatives of Societe de l’Hotel Mandji shake hands following the signing of the term sheet between Afreximbank as Dr. Benedict Oramah, Afreximbank Executive Vice President, looks on.
Cairo, 09 June 2014 – The African Export-Import Bank (Afreximbank) will inject a fresh $18.7 million dollars into the Gabonese economy under the terms of a trade finance agreement signed with Societe de l’Hotel Mandji at the just-concluded Annual General Meeting of the Bank’s shareholders in Libreville.
The financing will enable Societe de l’Hotel Mandji to undertake the refurbishment of existing 84 rooms and the construction of 50 additional keys lodging facility to be managed as the Le Meridien Mandji under a technical service agreement with the Starwood hotels group.
According to the project term sheet, which was signed on 7 June during the Annual General meeting, the Gabonese hotel company will enter into a technical agreement with the Starwood hotels group for the design and monitoring of the construction work and in order to ensure that the quality of the project is in line with Starwood standards.
The financing is being provided to Societe de l’Hotel Mandji under Afreximbank’s Construction and Tourism-Linked Relay Financing Facility.
Dr. Benedict Oramah, Executive Vice President, Business Development and Corporate Banking, of Afreximbank, and Ismael Libizangomo, Chairman of the Board of Directors of Societe de l’Hotel Mandji, signed the term sheet for their respective organisations.
Also on 7 June, Afreximbank signed a memorandum of understanding (MOU) with the Banque Gabonaise de Développement (BGD) to facilitate collaboration between the two institutions in promoting trade and economic development in Gabon.
The MOU provides for cooperation in identifying and evaluating Gabonese economic sectors eligible to receive financial assistance from Afreximbank, with particular attention to sectors engaged in the transformation of export products, in order to enable eligible national entities to benefit from the opportunities in exporting to foreign markets.
The two organisations also agreed to cooperate in identifying public-private partnership projects that are deserving of the support of Afreximbank.
Denys Denya, Executive Vice President, Finance, Administration and Banking Services, of Afreximbank signed the MOU on behalf of the Bank while Roger Owono Mba, Director General of BGD, signed for the Gabonese side.
