Thursday, 5 November 2015

News Release: Guinean Packaging Firm Gets EUR 15 Million Afreximbank Facility For Plant Extension

Afreximbank President Dr. Benedict Oramah (right) and Juliete Camara, CEO of CIPPL, exchange documents following the signing of the facility agreement in Cairo
Guinea-based printing and packaging company Complex Industriel Polygraphie Patrice Lumumba (CIPPL) is the beneficiary of a 15-million Euro credit facility from the African Export-Import Bank (Afreximbank) for the extension and modernization of its printing and packaging plant.

At a facility agreement signing ceremony at its Cairo Headquarters today, Afreximbank announced that the financing would enable CIPPL to acquire packaging equipment and a power plant to support the firm’s growth strategy, including the production of sachets, cartons and bags to help meet the needs of Guinea’s cement, agro-processing and pharmaceutical sectors.

“Afreximbank’s financing of companies like CIPPL aims to assist Guinea achieve the transformation of its economy and to enable the country acquire world-class equipment that will allow it to become a reference point in terms of packaging capabilities in Africa,” said Dr. Benedict Oramah, President of Afreximbank.

According to the President, the granting of the facility is part of Afreximbank’s commitment to promoting the competitiveness of the African indigenous private sector through helping it to respond to the growing demand for value-added products on the continent.

Juliet Camara, Chief Executive Officer of CIPPL, said that, in addition to creating employment, the facility would enable to the company provide a local alternative to Guinean businesses that were currently dependent on imports for their packaging needs. It would also solve the sourcing problems currently faced by many local businesses, especially women farmers. 

Also speaking, Soriba Camara, the Ambassador of Guinea to Egypt, commended Afreximbank’s continuing support for Guinea’s effort to achieve its economic and social development goals, noting that the Bank had also granted a 50-million Euro facility to Guinean construction company Guicopres in July.

UBA Guinea is serving as the local administrative agent for the CIPPL facility.

Obi Emekekwue
Afreximbank External Communications

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