- Geometric Power signs loan facility with Afrexim Bank
- The facility will support the commencement of operations at the power plant
Geometric Power Limited has signed a loan facility with the African Export-Import Bank (Afreximbank) at the ongoing Intra African Trade Fair (IATF) in Durban, South Africa. Afrexim Bank will finance the commencement of operations at the Aba Integrated Power Project. The Abia state government led by Governor Okezie Ikpeazu, Professor Bart Nnaji of Geometric Power and the President of Afrexim Bank, Benedict Oramah, witnessed the signing of the agreement.
The loan facility will support the initial capital required to acquire rights to the Aba Ring Fence Area, complete outstanding construction works, and finally, commence operations at the power plant.
The Intra-African Trade Fair organised by Afrexim Bank seeks to boost intra-African trade among member countries of the African Union (AU) in line with the Africa Free Continental Trade Agreement (AFTCA); several African Heads of State attended the opening ceremony of the IATF, including Nigeria’s President Muhammadu Buhari.