NAIROBI — Afreximbank has signed four early-stage project agreements totaling $1 billion in potential investments across Kenya, Malawi, Nigeria, and Zimbabwe, signaling a renewed focus on infrastructure, power, and healthcare development in Africa. The deals, announced during the 32nd Afreximbank Annual Meetings (AAM2025), aim to advance large-scale projects from feasibility to bankability, unlocking private sector funding and accelerating critical developments.
One of the most significant agreements was inked between Afreximbank and NBS Bank Plc of Malawi, committing to a joint project preparation facility. The initiative is expected to channel $300 million into priority sectors in Malawi, including transport, energy, logistics, agro-processing, manufacturing, and tourism. According to the bank, the framework includes a capacity-building plan to train NBS staff in project development.
In Kenya, Afreximbank signed a $4.4 million agreement with Med Aditus Pharmaceutical Kenya Limited to fund technical and feasibility studies for a planned fill-and-finish pharmaceutical plant in Kibos, Kisumu County. The facility is designed to produce up to two billion tablets and capsules annually, serving the Great Lakes region. The project will also introduce advanced manufacturing and blockchain technology, and is projected to attract $40 million in investment.
“This initiative will improve access to life-saving medicines across the region,” said Dr. Dhirren Thaker, CEO of Med Aditus, during the deal signing.
In Zimbabwe, Afreximbank agreed to support Green Hybrid Power Private Limited with $4.4 million to develop a 1-Gigawatt floating solar project on Lake Kariba. The plant will be rolled out in two phases, starting with a 500 MW pilot. Power from the facility will be sold under a 20-year take-or-pay agreement to Zimbabwe’s Intensive Energy Users Group, a coalition of major industrial and mining firms. The total investment is projected to reach $350 million.
A similar project is planned in Nigeria, where Proton Energy Limited received a $4 million project preparation facility to conduct feasibility and advisory work for a 500 MW gas-fired power plant in Sapele. The project’s first phase will generate 150 MW, with power sold under a long-term agreement to Eko Electricity Distribution Company. Expected total investment: $300 million.
The deals were formalized during the AAM2025 summit held June 25–28, which drew over 8,000 attendees, including heads of state, ministers, and business leaders from Africa and the Caribbean.
The summit closed with the appointment of Dr. George Elombi as Afreximbank’s new President, succeeding Prof. Benedict Oramah, who completed two five-year terms.
Each agreement reflects Afreximbank’s strategy to reduce early-stage risks and draw private capital into sectors often overlooked due to high feasibility barriers. The bank stated that it remains committed to closing Africa’s infrastructure and industrialization gaps through strategic partnerships. These agreements place healthcare access, renewable energy, and industrial capacity at the center of Afreximbank’s investment priorities for 2025 and beyond.
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