The African Export–Import Bank (Afreximbank) has announced a series of agreements worth up to $1 billion to boost energy production and infrastructure in Malawi, Zimbabwe and Nigeria.
In Malawi, Afreximbank has signed a $300 million deal with NBS Bank to reduce investment risks in key sectors such as energy, transport, manufacturing, logistics, tourism, mining, and agriculture. The aim is to attract private investors and accelerate economic growth.
Zimbabwe will benefit from a major renewable energy project following a Heads of Terms agreement between Afreximbank and Green Hybrid Power Private Limited. The bank will provide $4.4 million in initial funding for a 1 gigawatt hybrid solar photovoltaic project on Lake Kariba. The first phase, a 500 megawatt pilot, will supply electricity to a group of mining companies under a 20-year power purchase agreement. The project is expected to draw a further $350 million in investment.
In Nigeria, Afreximbank has agreed to fund feasibility studies for the 500 megawatt Sapele Gas Power Plant being developed by Proton Energy. The $4 million facility will support the project’s first stage, which will generate 150 megawatts for the Eko Electricity Distribution Company under a 20-year agreement. The project is projected to attract $300 million in additional funding.
Afreximbank says the deals underline its commitment to financing large-scale energy projects across Africa, creating jobs, and encouraging long-term private sector participation.
