EnterpriseSG Partners Afreximbank To Boost Financing For Firms’ African Expansion

Enterprise Singapore (EnterpriseSG) and African Export-Import Bank (Afreximbank) have signed an agreement to enhance access to financing for Singapore companies seeking to venture into Africa.

According to a press release, this marks the first partnership between EnterpriseSG and a multilateral development bank, as part of the Enterprise Financing Scheme – Multilateral Development Banks (EFS-MDB).

The statement further said: “This partnership with Afreximbank will enable Singapore companies to tap new sources of financing from one of the key lenders in Africa when expanding overseas to the countries in he continent.

“Through the EFS-MDB, EnterpriseSG provides risk-sharing of up to 50% to support lending to Singapore companies from partner multilateral development banks. The partnership will cover a range of financing needs, including working capital, fixed assets, trade, project and mergers and acquisitions.”

Commenting on the agreement, Mr. Geoffrey Yeo, Assistant Managing Director for Capabilities, Urban Systems & Solutions at EnterpriseSG, said:

“Our collaboration with Afreximbank not only helps Singapore companies secure new sources of financing for their trade and internationalisation projects in Africa, it will also allow companies to speed up understanding of the various countries and seek potential partners through the bank’s deep institutional knowledge and extensive networks.

Conversely, we hope that Singapore companies’ trade and investment activities can add value to the industrialisation and export development in Africa.”

Also speaking on the agreement, Mr Haytham ElMaayergi, Executive Vice President for Global Trade Bank at Afreximbank, said: “Afreximbank is committed to fostering greater connectivity between Africa and global markets.

This partnership with Enterprise Singapore represents a significant step towards unlocking new trade and investment opportunities for Singaporean companies in Africa.

“Afreximbank represents a gateway to Africa to Singaporean entities providing access to tailored financing and de-risking solutions and leveraging our expertise, knowledge and goodwill of the African continent.

In this regard, we support the growth of Singaporean businesses while driving Africa’s industrialisation and trade development, in line with our vision to expand the continent’s share of global trade.”