The project preparation facilities signed during AAM2025 aim to address one of the most critical gaps in African infrastructure development: the transition from prefeasibility to bankable investment grade projects. By funding feasibility studies and transaction advisory services, Afreximbank is working to de-risk strategic projects and attract long term investors. According to a statement released on July 21, these initiatives reflect Afreximbank’s broader mandate to boost trade led development and regional integration by enabling the development of high-impact, investor ready infrastructure and industrial projects.
$300 million in planned investment for Malawi
One of the major highlights was the signing of a joint framework agreement between Afreximbank and NBS Bank Plc of Malawi, represented respectively by Executive Vice President Kanayo Awani and Temwani Simwaka, CEO of NBS Bank. The agreement commits both institutions to pooling resources to support early-stage project preparation in Malawi, with a focus on de-risking projects in priority sectors including energy, transport and logistics, agro-industry, manufacturing, ICT, and extractives. A significant component of the partnership involves capacity building for NBS staff, enabling them to manage mid-term project development internally. Combined, Afreximbank and NBS plan to deploy up to $300 million in short-term investments across selected projects in the country.
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$4.4M facility for pharmaceutical manufacturing in Kenya
In Kenya, Afreximbank signed a $4.4 million project preparation facility with Med Aditus Pharmaceutical Kenya Limited. The funding will finance feasibility and bankability studies for the development of a state-of-the-art pharmaceutical plant in Kibos, Kisumu County. Once operational, the facility will have the capacity to produce over two billion tablets and capsules annually, drastically improving access to affordable essential medicines across the Great Lakes region. In addition to enhancing public health outcomes in a region burdened by infectious and chronic diseases, the project aims to transfer blockchain-based industrial technologies to Africa, positioning Kenya as a pharmaceutical innovation hub. The total investment for the plant is estimated at $40 million. The agreement was signed by Ms. Awani and Dr. Dhiren Thakker, founder and CEO of Med Aditus Pharma.
Zimbabwe to host a 1 GW floating solar hybrid plant
In a move to enhance energy security and support value added mineral processing, Afreximbank granted another $4.4 million facility to Green Hybrid Power Private Limited for project preparation of a 1 gigawatt floating solar photovoltaic hybrid system on Lake Kariba, Zimbabwe. The project will be implemented in two phases, beginning with a 500 MW pilot sold under a 20-year cost reflective power purchase agreement (PPA) with the Intensive Energy Users Group comprising key industrial and mining stakeholders. The initiative aims to provide reliable and affordable electricity, reinforcing Zimbabwe’s economic resilience through export-oriented mineral processing. The estimated total investment required to bring the solar project to life stands at $350 million. The agreement was signed by Ms. Awani for Afreximbank and Mr. Eddie Cross, Chairman of Green Hybrid Power Private Limited.
Nigeria secures $4M for gas powered electricity generation
Afreximbank has also committed $4 million to Proton Energy Limited, an independent power producer in Nigeria, to fund project preparation for a 500 MW grid-connected gas power plant in Sapele, starting with an initial 150 MW capacity. The electricity generated will be sold primarily to Eko Electricity Distribution Company under a 20-year take-or-pay PPA. The project is designed to boost Nigeria’s grid stability and support industrial development in the southwest region. The full project is projected to mobilize $300 million in investment. The agreement was signed by Ms. Awani for Afreximbank and Mr. Oti Ikomi, Executive Vice Chairman and CEO of Proton Energy.
A strategic commitment to Africa’s economic future
These deals reflect Afreximbank’s proactive role in bridging Africa’s infrastructure financing gap by building a robust pipeline of bankable projects. Project preparation financing remains one of the bank’s core tools for achieving its mandate to advance intra-African trade, industrialization, and development financing.
By investing in early-stage project preparation, we are not only reducing risks for investors but also accelerating Africa’s transition to self sustaining, innovation driven economies,” said Kanayo Awani during the signing ceremonies.
The AAM2025 event brought together over 8,000 participants, including heads of state, ministers, central bank governors, business leaders, and multilateral institutions from Africa, the Caribbean, and beyond. The meetings culminated in the appointment of Dr. George Elombi as the new President of Afreximbank, succeeding Prof. Benedict Oramah, who concludes a decade long tenure marked by the Bank’s expansion and rising continental influence.
