Yesterday in Cairo, the African Export-Import Bank (Afreximbank) took a significant step by launching an innovative intra-African Engineering, Procurement, and Construction (EPC) platform. This groundbreaking initiative strengthens African contractors’ ability to secure major contracts. It simplifies the process for posting and bidding on key infrastructure projects across Africa.

Concurrently, during the third Intra-African Trade Fair (IATF2023), Afreximbank showcased an array of products, programs, and initiatives. All these efforts aim to support local companies in the bidding process for infrastructure contracts.

Kanayo Awani, the Executive Vice President of the Intra-African Trade Bank at Afreximbank, actively highlighted the workshop’s purpose. The goal is to boost African participation in large-scale infrastructure projects and to ensure African entities receive preference in EPC contract awards. “This specialized capacity-building program empowers African contractors to bid successfully for construction projects, both within the continent and internationally,” Awani confidently stated.

Furthermore, the workshop provided a platform for discussing the challenges African contractors encounter, drawing on findings from a comprehensive survey. Additionally, it spotlighted the key success factors necessary for winning projects. Inspirational success stories emerged from companies such as Mota Engil, Elsewedy, and Hassan Allam, all of which have benefited from Afreximbank’s support.

Representatives from these companies stressed the importance of facilitating cross-border labor movements. Such flexibility would allow EPC contractors to hire workers from other African countries where the necessary expertise exists. Moreover, they proposed including local content requirements in EPC contracts to encourage the use of local contractors and enhance capacity building.

According to a report by This Day Live, the event reached its peak with the signing of substantial facility agreements. These agreements included $200 million with Hassan Allam, $30 million with Grainer Angola, $50 million with DOTT Services, $200 million each with Arab Contractors and FDI, and an impressive $300 million with Elsewedy.

These developments reflect a global trend where regional banks play essential roles in boosting local capacities and fostering self-sufficiency. This strategy is evident in other emerging markets, where local enterprises gain empowerment to undertake significant projects. This approach not only promotes economic growth but also encourages regional integration and cooperation.

Afreximbank’s strategic initiative aligns with a broader vision of enhancing intra-African collaboration. It showcases a proactive approach to surmounting traditional obstacles in infrastructure development. By emphasizing local expertise and resource utilization, the bank reaffirms its commitment to nurturing sustainable economic growth in Africa.