The Egyptian construction conglomerate, The Arab Contractors (Osman Ahmed Osman & Company) Limited has received a five-year $200 million multi-currency guarantee facility from the African Export-Import Bank (Afreximbank).
“Arab Contractors are indeed Intra-Champs, present in several African countries and helping to build and develop critical infrastructure, representing an institutional icon that deserves the full support of Afreximbank,” said Dr. Benedict Oramah, President of Afreximbank.
He added that the partnership between Afreximbank and Arab Contractors can only make Africa better integrated and stronger.
The construction company offers monuments restoration, dredging and marine constructions, pipe jacking, ready mixed concrete, steelyard, scaffolding, metal moulds, concrete products, and concrete manholes.
It also provides blocks and interlocks, repair unit, wood products, portable cabins, ship building and repair, manufacturing, equipment hire, laboratory, engineering consultancy and technical, and networking and information systems services, as well as integrated systems for bridges construction.
Founded in 1955, Cairo-based The Arab Contractors (Osman Ahmed Osman & Company) has ongoing or completed projects in 21 countries in Africa.
The facility which provides for the issuance of guarantees up to $200 million in United States Dollars or Euros will enable the conglomerate to meet its obligations under construction contracts within Africa, helping develop the continent’s economy in the infrastructure sector.
The Chairman of The Arab Contractors (Osman Ahmed Osman & Company) Limited Mohammed Salah added that the facility would strengthen the company’s capacity as a vehicle for execution of projects in Africa by international financial institutions.
Commercial International Bank (CIB) Egypt is the local administrative agent for the facility.