AfrAsia Bank contributes to African Railway Project and honoured at EMEA’s Project Finance Awards

27 Aug 2015 - Ethiopian Railways Corporation’s (ERC) key objective is to provide a modern, timely and cost effective passenger and freight rail transportation service in Ethiopia. The project began in 2011 when ERC announced a long-term rail infrastructure programme to ease the flow of goods along the Addis Ababa-to-Djibouti railway. Upon expected completion in 2017, this project will provide a significant link allowing improved connectivity of passengers and freight amongst the northern, central and eastern regions of Ethiopia.

The dual-tranche financing package of US$865mn to develop a 400km line that joins Woldia in the northern Amhara region with Awash, near Addis Ababa, is the largest syndicated deal secured by an Ethiopian government body, with the Mandated Lead Arranger of this project being Credit Suisse, and AfrAsia Bank being a participant in the facility.

“We continue to be the believers of the Hopeful Continent, and this award is a testament of the Bank’s successful strategy on the African ground as we leverage our global capabilities to bring excellence in the tailor-made advice and financial solutions we provide,” commented James Benoit, CEO of AfrAsia Bank. In line with maintaining its quality and service differentiation, AfrAsia Bank keeps on to invest in its delivery capabilities and its people to better serve its customers, while continuing to focus on its core business lines: Corporate and Investment Banking, Private Banking and Wealth Management, International Banking and Treasury.

EMEA Finance is a bimonthly publication that reports on the major financial events and happenings initiated and influenced by the international financial industry active in Europe, Middle East, and Africa (the EMEA region). Carried out annually, the Project Finance Awards is based on the recognition of leading banks, financial advisers and supporting professionals, active in important areas of finance across Europe, the Middle East and Africa (EMEA) since 2007.