EnterpriseSG and Afreximbank boost financing for firms expanding to Africa

This marks the first partnership between EnterpriseSG and a multilateral development bank. 

Enterprise Singapore (EnterpriseSG) and the African Export-Import Bank (Afreximbank) entered into an agreement to enhance financing options for Singapore companies seeking to venture into Africa. 

This marks the first partnership between EnterpriseSG and a multilateral development bank, as part of the Enterprise Financing Scheme—Multilateral Development Banks (EFS-MDB). 

This partnership with Afreximbank will also enable Singapore companies to tap new sources of financing from one of the key lenders in Africa when expanding to the countries in the continent. 

“This partnership with Enterprise Singapore represents a significant step towards unlocking new trade and investment opportunities for Singapore companies in Africa,” said Haytham ElMaayergi, executive vice president for Global Trade Bank at Afreximbank. 

“Afreximbank represents a gateway to Africa to Singapore entities, providing access to tailored financing and de-risking solutions,” he added. 

Through the EFS-MDB, EnterpriseSG will provide risk-sharing of up to 50% to support lending to Singapore companies from partner multilateral development banks, covering a range of financing needs, including working capital, fixed assets, trade, projects, and mergers & acquisitions. 

Beyond financing, Singapore companies can also leverage Afreximbank’s Africa Trade Gateway, which is a digital match-making platform that can connect them to partners, investors, and financiers in Africa. 

Bilateral trade in goods between Singapore and Africa amounted to $16.3b in 2023, with Singapore companies’ cumulative investments in the African continent reaching $32.4b in 2022. 

There are currently about 100 Singapore companies operating across 40 countries in Africa.