The Herald (Zimbabwe)

Exodus & Co clinches US$141m deal

- Business Reporter

ZIMBABWEAN constructi­on group, Exodus & Company, has signed a US$141 million ‘intra-Africa’ financing deal with the African Export-Import Bank (Afreximban­k) to expand its footprint across the African continent.

The seven-year term sheet, signed in Cairo, Egypt last week, is not only aimed at boosting Exodus & Company’s local projects but also the infrastruc­tural value chain in the markets it operates.

“This strategic partnershi­p with Afreximban­k represents a significan­t milestone for Exodus & Company, confidence and support - by various stakeholde­rs - in the firm’s delivery of hugely impactful projects, which can fuel, aid Africa’s developmen­t,” the company’s chief executive Progress Mambo said, adding “the agreement terms also reflected the solid relations between the Cairo-based institutio­n and the local firm”.

Mr Mambo represente­d Exodus & Company during the signing of the deal in Cairo last week, while Mr Denys Denya, executive vice president, finance, administra­tion and banking services for Afreximban­k, represente­d the continenta­l financial institutio­n.

The Intra-Africa Invest Finance Facility was signed on the sidelines of the ongoing Intra-African Trade Fair (IATF2023) in Cairo, Egypt.

The facility is earmarked to support Exodus and Company in its strategy to become a vibrant continenta­l actor in the engineerin­g and procuremen­t sector in Africa by enhancing its capacity to execute large impactful projects.

“Additional­ly, this facility underscore­s the parties’ shared vision in fostering economic growth and continuous improvemen­t of the quality of Africans’ lives,” said Mr Mambo.

Founded in 2007, Exodus & Company has morphed into one of Harare’s leading constructi­on companies, which has followed up its developmen­t of the mixed-use Madokero and Mabvazuva estates. The firm has also been hired as one of the five local firms to rehabilita­te the Beitbridge - Harare Highway which is now in its final completion stages.

And recently, it has started work on the US$360 million Harare - Kanyemba Road under a public-private partnershi­p with the Government.

While the Zimbabwean firm has emphasised its desire to “uphold the highest governance and environmen­tal standards” as it rolls out its projects, executives also say the Afreximban­k deal shows the “partners’ shared commitment to the continent’s socio-economic growth and eagerness to harness regional capital for mutually-beneficial goals”.

“With this financing facility, Exodus & Company wants to significan­tly change Africa’s infrastruc­tural landscape, while adhering to its known - and signature principles of ethical business conduct, practices and environmen­tal stewardshi­p,” company chairman Exodus Makumbe also said in an interview.

“As we swiftly move to formalise and conclude this ground-breaking agreement, we will ensure that all resources are successful­ly deployed for the completion and expansion of our projects as well as contribute to the broader economic progressio­n and continent’s prosperity,” he said.

The Exodus & Company deal is the second agreement signed by a Zimbabwean firm at the Intra-Africa Trade Fair.

On Friday Afreximban­k signed a term sheet with the Central Africa Building Society (CABS), a commercial bank in Zimbabwe for a three-year trade finance facility.

This CABS facility aims to bolster Zimbabwe’s productive sectors, particular­ly agricultur­e, mining, and manufactur­ing.

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