The African Export-Import Bank (Afrexim) officially signed a deal with Uganda where the bank will open an East African Branch office in Kampala. The deal was officially signed by President Yoweri Museveni and Afrexim’s president Benedict Oramah. The East African branch will be the fifth after Cairo, Abuja, Abidjan, and Harare.
The East African branch will serve 11 countries; Kenya, Uganda, Sudan, Eritrea, Djibouti, Ethiopia, South Sudan, Tanzania, Rwanda, Burundi, and Comoros.
Rwanda’s Social Security board has joined Afrexim Bank as one of the lender’s institutional investors and there are plans to attract other regional state-run Social Security Funds.
Afrexim has been investing in East Africa where it offered a $ 2 billion loan to Kenya Airways and a loan to Tanzania for the construction of the Standard gauge railway and $155 million to Rwanda for the construction of Kigali Construction Centre and the Radisson Blu Hotel.