Page 28 - LUA November December 2024 Issue for website

NEWS

UAE's IRH join hands with SA's PIC to

improve mining logistics

he United Arab Emirates ($165.6 billion) assets under
T(UAE)-based natural management, making it Africa’s
resources company International largest asset manager.
Resources Holding RSC (IRH), The collaboration includes
has signed a Memorandum of the enhancement of transport &
Understanding (MoU) with the logistics infrastructure: target an
Public Investment Corporation increase in export capacity over
SOC (PIC) to collaborate in the next few years by addressing
South Africa with a focus on critical bottlenecks in key mining
unlocking value across the corridors leading to the Richards
mining, green energy and Bay, Saldanha, and Durban ports.
transport & logistics sectors. This enhancement is anticipated
The PIC is wholly owned by to facilitate increased efficiency
the South African government of transport and increase South
and has ZAR 2.89 trillion Africa’s export capacity.

ARISE IIP raises $443 million

from Afreximbank, AFC

he pan-African developer Finance Corporation (AFC).
Tand operator of industrial This investment builds on a
parks ARISE IIP has debt-funding relationship of
announced a capital raise of over 12 years between ARISE
$443 million. IIP and Afreximbank, during
The funding includes a which about $2 billion has
Saudi EXIM Bank, AFC sign $300 million investment from been provided to support
Afreximbank’s development
ARISE IIP’s investments
MoU to enhance export activities impact investment arm, The across Africa.
Fund for Export Development ARISE IIP’s total equity
he Saudi Export-Import Bank (Saudi EXIM) and Africa in Africa (FEDA), securing capital now exceeds $1
TFinance Corporation(AFC) have signed a Memorandum a significant stake in ARISE billion, with Africa Finance
of Understanding (MOU) to collaborate on initiatives to IIP. Additionally, the capital Corporation (AFC) holding
boost exports in both the Kingdom of Saudi Arabia and raise is supported by an a majority stake, followed by
AFC’s member countries. additional $143 million Afreximbank’s FEDA and
Saad Al-Khalb, Chief Executive Officer of Saudi EXIM, contribution from the Africa Equitane as key shareholders.
commented: "The MoU with the Africa Finance Corporation
comes as part of the bank’s commitment to enhancing
international economic and trade relations. The agreement
will cover several areas of cooperation, including exploring
opportunities to support joint projects between companies
in the Kingdom and the member countries of Africa Finance
Corporation (AFC), by providing credit solutions that
support companies and institutions of all sizes and activities.
It will also pave the way for local investors to benefit from
promising investment opportunities in Africa, thereby
enhancing the flow of non-oil Saudi exports to expand into
various African markets, in line with empowering the non-
oil national economy and creating a diverse and inclusive
economy in line with Saudi Vision 2030."

26 LUA NOVEMBER - DECEMBER 2024