The African Export-Import Bank (Afreximbank) has disbursed 15 million Euro (about N3.2 billion) credit facility to a Guinean firm, Complex Industriel Polygraphie Patrice Lumumba (CIPPL), for expansion of its factory.
This is contained in a statement by the bank released in Lagos on Thursday.
The statement said that the disclosure was made at a facility agreement signing ceremony held on Wednesday at its Cairo Headquarters.
The bank said that the financing would aid CIPPL (a Guinean packaging firm) to acquire equipment and power plants to support its expansion drive.
According to the report, the credit will boost production capacity of Guinea’s cement, agro-processing and pharmaceutical sectors.
Dr. Benedict Oramah, President of the bank, said that granting of the facility was part of the bank’s commitment to promoting competitiveness and value added products from African indigenous private sector.
“Afreximbank’s financing of companies like CIPPL aims to assist Guinea achieve the transformation of its economy.
“It will enable the country acquire world-class equipment that will allow it to become a reference point in terms of packaging capabilities in Africa.”
Juliet Camara, Chief Executive Officer of CIPPL, said that the facility would create employment and enable local packaging alternatives for businesses that were import dependent.
Soriba Camara, Ambassador of Guinea to Egypt, lauded the bank’s continued support for development of Guinea’s socio-economic goals
He said that the Bank had also granted a 50-million Euro facility to a Guinean construction company, Guicopres, in July.
The statement said that UBA Guinea is serving as the local administrative agent for the CIPPL facility.