Infrastructure
Afreximbank Commits Millions to Infrastructure in Djibouti
Capital Ethiopia · 5 hours ago · Read the Full Story on Capital Ethiopia
AI SUMMARY
Afreximbank has announced a major financial commitment to fund the second phase of the Damerjog jetty expansion and critical industrial road networks in Djibouti.
- Afreximbank announced a new financial commitment for strategic infrastructure projects in Djibouti, focusing on the Damerjog jetty expansion and industrial road networks.
- The announcement occurred at the groundbreaking ceremony for the Damerjog pipeline and storage facility, attended by regional leaders including Djibouti President Ismail Omar Guelleh, Ethiopian Prime Minister Abiy Ahmed, and industrialist Aliko Dangote.
- Afreximbank President Dr. George Elombi described the project as a blueprint for African self-reliance and collaborative infrastructure development.
- Following a US$200 million investment in the initial Oil Jetty and pipeline in 2023, Afreximbank is committing US$130 million to finance the project's second phase.
- Afreximbank is arranging a US$150 million facility to develop critical industrial roads across Djibouti and streamline supply chain logistics.
- The bank has approved trade confirmation lines for four Djiboutian banks and onboarded seven local financial institutions onto its pan-African payment services program to improve trade finance and liquidity.
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