EL Maayergi: Partnerships key to scale projects, leverage impact

The Executive Vice President, Global Trade Bank at Afreximbank, Haytham El Maayergi, emphasized the importance of partnerships in scaling bankable projects and leveraging impact on the African continent. In a recent interview with CNBC Africa, El Maayergi highlighted the significance of collaboration in driving economic growth and infrastructure development across Africa. He pointed out that the key themes of leverage, scale, and partnership are crucial in addressing the continent's pressing needs for sustainable development. El Maayergi showcased several successful partnership projects, including the Arise Industrial Parks initiative, which received a $900 million investment. The project aims to establish industrial parks in countries like Gabon, Togo, and Benin to attract investors and tenants, fostering economic growth and creating employment opportunities. Another notable project is the Africa Medical Center of Excellence, a partnership with King's College London to improve healthcare infrastructure and retain medical talent within Africa. One of the key initiatives discussed by El Maayergi is the Pan-Africa Payment and Settlement System (PAPS), developed in collaboration with partners like the AFC and FEDA. This system allows countries to conduct cross-border transactions in local currencies, facilitating trade and financial transactions within Africa. Additionally, the Africa Trade Gateway platform provides a digital marketplace for exporters and importers to connect and conduct business more efficiently. El Maayergi emphasized the importance of export credit agencies in providing funding for African projects. He underscored the need for projects to align with the goals of export credit agencies and urged early engagement with financiers to structure projects effectively. By repackaging African risks and offering guarantees, Afreximbank is working to attract more investment and de-risk infrastructure projects on the continent. The discussion also covered the role of African contractors in infrastructure development. El Maayergi highlighted the need for support in terms of finance, capacity building, and regulatory assistance to enable local contractors to participate in major projects. By equipping African contractors with the necessary resources and skills, they can compete effectively with non-African players and contribute to the sustainable development of the continent. The Africa Investment Forum provided a platform for showcasing five diverse projects, ranging from green energy initiatives to edible oil processing and titanium factories. El Maayergi expressed optimism about the engagement and interest generated at the forum's boardrooms, where stakeholders come together to explore investment opportunities and partnerships. The focus on scaling projects and leveraging impact underscores the collective effort required to drive economic growth and infrastructure development in Africa. As Africa continues to seek innovative solutions and partnerships to address its development challenges, the role of institutions like Afreximbank in fostering collaboration and supporting sustainable projects becomes increasingly vital. By leveraging partnerships and engaging with stakeholders across sectors, Africa can unlock its potential for growth and prosperity.