George Elombi: Afreximbank Ready To Finance Djibouti-Ethiopia Infrastructure Projects

Elombi spoke on Thursday at the groundbreaking ceremony for the Damerjog Oil Terminal and Pipeline, the Damerjog-Dewele project.

He said the project presented significant economic opportunities for both Djibouti and Ethiopia, while highlighting the partnership between African governments, entrepreneurs and financial institutions.

“For us in the African Export-Import Bank and I think for the community of African multilateral financial institutions, the most significant aspect of this project is the partnership that we see today among African governments, African entrepreneurs, Pan-African financial institutions to realise this project.”

Elombi said the cooperation between the two countries demonstrated confidence in African institutions and businesses.

“It does suggest that in Africa, we have the capacity, we have the will.”

He said Afreximbank was prepared to provide further financing to ensure the project succeeds, including funding for additional infrastructure linked to the development.

“Afrexim Bank is prepared to put as much money in this project as is necessary to see it work.”

According to Elombi, the bank was also ready to support the expansion of infrastructure at the project site.

“We understand from the Chairman of the Ports Authority that there is need for expansion and that there is need for a 200 megawatt water plant. For that also, we are prepared to support financially to make sure it works.”

He further said African institutions could provide financing and expertise for other infrastructure projects connecting Djibouti and Ethiopia.

Elombi specifically referred to La Route Nationale Numéro 18, which he described as the leading road artery to Ethiopia, saying it also required financing.

He said African construction companies were prepared to undertake the road project and urged the authorities to move quickly with the selection process.

“I speak for my colleague of the African Finance Corporation who is here seated, that for that particular trunk of road, there are African construction companies who are prepared to do it.”

“Please waste no time selecting those companies. Do not allow your ministers to waste time over selection processes.”

“Make the decisions fast so that we can get the projects working.”

Elombi also said Afreximbank was arranging financing for another infrastructure project in Djibouti.

“We are also now arranging the construction of a $150 million facility for critical industrial routes in Djibouti.”

He said the broader objective should be to rely on African expertise, promoters and financial resources to deliver major projects on the continent.