Afreximbank Wins 'Bank of the Year' and 'Deal of the Year (Infrastructure)' at African Banker Awards 2024

The award organizers praised Afreximbank’s exceptional performance across various metrics, noting the bank's significant impact on the banking landscape.

For the second consecutive year, the African Export-Import Bank (Afreximbank) has clinched double honors at the African Banker Awards, securing both the ‘Bank of the Year’ and ‘Deal of the Year (Infrastructure)’ awards. This esteemed recognition was announced at the awards gala ceremony held in Nairobi, which was attended by over 300 leading figures in banking and finance from across the continent.

The award organizers praised Afreximbank’s exceptional performance across various metrics, noting the bank's significant impact on the banking landscape. They highlighted its efforts in reaching new customers, offering innovative services, promoting inclusiveness by bringing the unbanked into the banking fold, leveraging new technologies, and driving growth through a robust financial sector.

Bank of the Year Award

The ‘Bank of the Year’ award reflects Afreximbank's outstanding financial performance. The bank's results for the financial year ending 31 December 2023 demonstrated remarkable strength and resilience, surpassing the previous year’s performance. This accolade underscores Afreximbank’s commitment to excellence and its pivotal role in Africa’s financial ecosystem.

“We are extremely delighted to win both the Bank of the Year and The Deal of the Year for Infrastructure as these awards underscore our expertise in development financing,” said Prof. Benedict Oramah, President and Chairman of the Board of Directors at Afreximbank. “I accept these awards on behalf of the hardworking staff of Afreximbank, our customers, and partners, and the Alliance for African Multilateral Financial Institutions who work tirelessly to make the change that Africa needs.”

Deal of the Year – Infrastructure Award

In the ‘Deal of the Year – Infrastructure’ category, Afreximbank was recognized for its USD 155 million investment in Great Horn Investments Holding (GHIH). This funding supports a series of development projects in Djibouti’s Damerjog Industrial Development Free Trade Zone. The deal was announced last year following a meeting between Prof. Oramah and President of Djibouti Omar Guelleh during the 2023 Summit of Heads of State of the African Union in Nairobi.

This award is particularly significant as it marks Afreximbank’s first collaboration with GHIH and the government of Djibouti. The partnership aims to help Djibouti achieve its goal of becoming a regional trans-shipment and logistics hub, thereby promoting intra-African trade and supporting neighboring economies like Ethiopia and Somalia through enhanced freight services.

Impact on Djibouti’s Development

The facility is critical to Djibouti’s economic development. The funds will be used for the completion of the Damerjog Oil Jetty, which is expected to provide marine connectivity to the free trade zone, and for the construction of a 150,000m³ storage depot/oil tank farm, among other project-related costs. These developments are set to significantly bolster Djibouti’s infrastructure and its vision of becoming a regional transport hub by 2035.

Celebrating African Banking Excellence

Now in its 18th edition, the African Banker Awards celebrate the achievements of individuals and institutions that have made significant contributions to the growth and development of Africa’s banking sector over the past year. Afreximbank’s double win highlights its pivotal role in driving financial innovation and infrastructure development across the continent.