Africa Export-Import Bank (Afreximbank) signed a term sheet with Senegal’s Banque Nationale pour le Developpement Economique (BNDE) on Tuesday.
This strategic investment is set to enhance development of SMEs in Senegal operating within or supporting export value chains across key sectors.
These sectors include agribusiness, manufacturing, mining, consumer goods and retail, and other relevant sectors.
The sector require financing for capital expenditure for asset/machinery acquisition and working capital to facilitate inventory, supply chain, pre-export, and post-export business activities in Senegal and the West African Economic and Monetary Union Region.
Proceeds of the facility will go to overhaul the public transportation vehicles in Senegal.
This comes in a $100 million plan by the Senegalese government of which the Afreximbank’s disbursement will be phase 1 of the project.
The deal was signed during the Intra-African Trade Fair (IATF) 2023 held in Cairo, Egypt.
The signing was between Alioune Badara DRAME, Deputy MD for BNDE, and Gwen Mwaba, Trade Finance Director and Global Head at Afreximbank.
