Cairo, 4 November 2015: – Guinea-based printing and packaging company Complex Industriel Polygraphie Patrice Lumumba (CIPPL) is the beneficiary of a 15-million Euro credit facility from the African Export-Import Bank (Afreximbank) for the extension and modernisation of its printing and packaging plant.
At a facility agreement signing ceremony at its Cairo Headquarters today, Afreximbank announced that the financing would enable CIPPL to acquire packaging equipment and a power plant to support the firm’s growth strategy, including the production of sachets, cartons and bags to help meet the needs of Guinea’s cement, agro-processing and pharmaceutical sectors.
“Afreximbank’s financing of companies like CIPPL aims to assist Guinea achieve the transformation of its economy and to enable the country acquire world-class equipment that will allow it to become a reference point in terms of packaging capabilities in Africa,” said Dr. Benedict Oramah, President of Afreximbank.
According to the President, the granting of the facility is part of Afreximbank’s commitment to promoting the competitiveness of the African indigenous private sector through helping it to respond to the growing demand for value-added products on the continent.
Juliette Camara, Chief Executive Officer of CIPPL, said that, in addition to creating employment, the facility would enable the company provide a local alternative to Guinean businesses that were currently dependent on imports for their packaging needs. It would also solve the sourcing problems currently faced by many local businesses, especially women farmers.
Also speaking, Soriba Camara, the Ambassador of Guinea to Egypt, commended Afreximbank’s continuing support for Guinea’s effort to achieve its economic and social development goals, noting that the Bank had also granted a 50-million Euro facility to Guinean construction company Guicopres in July.
UBA Guinea is serving as the local administrative agent for the CIPPL facility.
Media Contact : Fleur Tchibota (ftchibota@afreximbank.com) Tel. +202-2456-4260
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About Afreximbank:
The African Export-Import Bank (Afreximbank) is the foremost Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Its two basic constitutive documents are the Establishment Agreement, which gives it the status of an international organization, and the Charter, which governs its corporate structure and operations. Since 1994, Afreximbank has approved almost $35 billion in credit facilities for African businesses, including about $4.5 billion in 2014. Afreximbank is headquartered in Cairo. For more information, visit: www.afreximbank.com