The African Export–Import Bank (Afreximbank) has signed on Saturday a $96 million term sheet with Sapro Mayoko, one of the leading iron ore producer and exporter in the Republic of Congo. The trade facility lies under Afreximbank's Iron Ore Mine Development Facility programme. The facility will enable Sapro Mayoko to increase its production and export capacity, and to improve the quality and efficiency of its operations. It will also support the development of the iron ore sector in the Republic of Congo, which is one of the largest and most untapped sources of iron ore in the continent. The financing will have a positive impact on the economic and social development of the Republic of Congo, as it is expected to create jobs, stimulate economic activity, and improve the living conditions of the local population, especially in the Niari province, where the Mayoko Mine is located. It will also have a positive impact on the regional and continental development, as it will enhance the connectivity and trade potential of the Republic of Congo and its neighbouring countries, especially Gabon. It is set to support the implementation of the African Continental Free Trade Area (AfCFTA) that aims to create a single market for goods and services in Africa. The facility will have a positive impact on the environmental and sustainability aspects of the iron ore sector, as it will promote the adoption of best practices and standards in the mining, processing, and transportation of iron ore. It will encourage the use of renewable energy sources and the reduction of greenhouse gas emissions. Kanayo Awani, executive vice president, intra-African trade bank at Afreximbank, has signed the agreement with Paul Obambi, CEO of Sapro Mayoko at the third edition of Africa's largest trade and investment fair, IATF 2023 taking place in Cairo, Egypt on November 9-15.
