Boost for US$80m Afreximbank trade centre
…As contractor gets insurance cover
BUSINESS REPORTER
A unit of Afreximbank has facilitated the issuance of an all-risk construction insurance cover to Oman Shapoorji Company for the construction of the US$80m Afreximbank Africa Trade Centre in Harare.
The cover became the first insurance policy by Afreximbank Insurance Management Company (AfrexInsure), more than two years after it was established to facilitate access to specialty insurance solutions for trade and trade-related investments across Africa.
The completion of this first transaction signals a successful start of its commercial operations and is a launching pad for the company’s business growth, Afreximbank said.
Benedict Oramah (pictured) Afreximbank’s president and chairman of the board, said the transaction “not only primes the pump”, but also gives AfrexInsure momentum, while sending a strong signal of its commitment to support African businesses with their insurance needs and requirements.
“It also demonstrates to the community of Afreximbank insurance industry shareholders that Afreximbank will work with them in a mutually beneficial manner,” Oramah said.
“It is well known that insurance penetration is relatively low in Africa compared to other regions. AfrexInsure will intensify efforts to address this need in Africa and its partner states in the Caribbean. We are therefore delighted to have successfully issued the first insurance policy; proud to have taken these first steps and look forward to the growth of this business as we provide essential support to Afreximbank member countries in their trade and trade-related investments.”
The Afreximbank Africa Trade Centre in Harare will house Afreximbank’s regional office, a world-class hotel, a trade information centre, a major conference centre and a tech incubation lab. The centre is also set to accommodate other regional, continental, and global financial and development institutions. AATC will facilitate the flow of trade information and provide trade services across the Southern African Region.
Construction of the centre began last year and will be completed in 2025.
