Enterprise Singapore Partners with Afreximbank to Boost Financing for Singapore Companies in Africa

Under the EFS-MDB framework, EnterpriseSG will offer risk-sharing of up to 50%, supporting loans to Singapore companies provided by partner multilateral development banks.

Enterprise Singapore (EnterpriseSG) has entered into a groundbreaking partnership with the African Export-Import Bank (Afreximbank) to facilitate enhanced access to financing for Singaporean companies looking to expand their operations in Africa. This marks the first collaboration between EnterpriseSG and a multilateral development bank, aligning with the Enterprise Financing Scheme – Multilateral Development Banks (EFS-MDB). Through this agreement, Singapore companies will gain access to new funding sources from one of Africa's key financial institutions.

Supporting Diverse Financing Needs

Under the EFS-MDB framework, EnterpriseSG will offer risk-sharing of up to 50%, supporting loans to Singapore companies provided by partner multilateral development banks. This partnership encompasses a variety of financing requirements, including working capital, fixed asset acquisitions, trade financing, project funding, and mergers & acquisitions.

Geoffrey Yeo, Assistant Managing Director for Capabilities, Urban Systems & Solutions at EnterpriseSG, stated, “Our collaboration with Afreximbank not only helps Singapore companies secure new sources of financing for their trade and internationalisation projects in Africa; it will also enable them to quickly understand various countries and identify potential partners through the bank’s extensive networks and deep institutional knowledge. Additionally, we believe that the trade and investment activities of Singaporean companies can contribute significantly to Africa’s industrialisation and export development.”

Fostering Connectivity and Trade Growth

This partnership aligns with Afreximbank's strategy to expand and diversify African trade, increasing the continent’s share of global trade. Haytham ElMaayergi, Executive Vice President for Global Trade Bank at Afreximbank, emphasized, “Afreximbank is committed to fostering greater connectivity between Africa and global markets. This partnership with Enterprise Singapore represents a significant step towards unlocking new trade and investment opportunities for Singaporean companies in Africa. We aim to be a gateway for Singaporean entities, offering tailored financing solutions and leveraging our expertise to support their growth while simultaneously driving Africa’s industrialisation and trade development.”

Leveraging Digital Platforms for Enhanced Opportunities

Beyond financing options, Singaporean businesses will also have the opportunity to utilize Afreximbank’s Africa Trade Gateway—a digital matchmaking platform designed to connect them with potential partners, investors, and financiers in Africa.

With Africa’s population of approximately 1.5 billion, the continent is rich in natural resources and has a dynamic private sector that fuels economic growth. Given its rapid urbanization and significant consumer market, Africa presents ample opportunities for Singaporean companies in sectors such as trade, digitalization, technology, sustainability, and urban solutions. The African Continental Free Trade Area (AfCFTA) further enhances these opportunities by creating a single market for the continent’s 54 countries, reducing trade barriers and stimulating demand across various sectors.

This strategic partnership is poised to strengthen economic ties between Singapore and Africa, fostering a mutually beneficial relationship that will enhance trade and investment on both sides.