BONI secures US$11M from Afreximbank

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massive boost for renewable energy & hotel development

BONI has signed a heads of terms agreement with African Export-Import Bank (Afreximbank) for a two-tranche US$11 million facility to support Small and Medium-sized Enterprises (SMEs) and domestic consumers to access sustainable renewable energy and solar panel systems, as well as the development of a landmark hotel project in Nevis.

The agreement speaks to a two-tier strategy, with the first tier introducing a ‘Solar-as-a-Service’ model to ensure solar energy is sustainable, affordable and accessible. In doing so, tangibly reducing business and household energy bills, supporting business growth, driving job creation and meeting carbon emission targets. The second stage shall see the development of a landmark hotel project along Nevis’s golden mile, with the creation of some 100 jobs.

This development strengthens BONI’s position as a finance intermediary for Afreximbank,  supporting the pipeline of business activity between Africa and the Caribbean. Something which is core to Afreximbank.

Founder of BONI, Mr. Michael J. Prest said: “Working with Afreximbank opens BONI to numerous opportunities and reflects our shared commitment to sustainable development, job creation, and bringing accessible financing to the Caribbean. To work in collaboration with Afreximbank to address themes so critical to small island states, sets a template which is fungible and exportable to other small island states around the world. Affordable energy and affordable finance are key to development and the persistent lack of the same poses an existential risk to the development and well-being of small island states. BONI and Afreximbank will support businesses and consumers to create economic multipliers by benefiting from affordable financing options and affordable renewable energy.”

The second stage of financing is scheduled for Q3/Q4 of 2024, with further details to be announced in due course.

Speculative clients and interested persons can get in touch with BONI by contacting info@boniltd.com or visiting www.boniltd.com.

Founder of BONI, Mr. Michael J. Prest

It was in mid-November of 2022, following the inaugural African Caribbean Trade & Investment Forum, that Afreximbank and BONI established their critical, strategic partnership to achieve goals such as the aforementioned in this part of the world.

A high-level team from the Afreximbank had visited St. Kitts and Nevis at the time, to further accelerate impactful investment in the Caribbean.

It was in mid-November of 2022, following the inaugural African Caribbean Trade & Investment Forum, that Afreximbank and BONI established their critical, strategic partnership to achieve goals such as the aforementioned in this part of the world.

A high-level team from the Afreximbank had visited St. Kitts and Nevis at the time, to further accelerate impactful investment in the Caribbean.

As part of the visit, the bank’s Global Head of Client Relations Mr Rene Awambeng and his team held meetings with the Board of Directors and Executive Management of BONI, with the primary aim of fostering and supporting African-Caribbean trade, financial services, and financing to provide regional FDI in key sectors of the economy.

BONI executives had predicted that the partnership with Afreximbank would foster increased trade, increased jobs and opportunities for young people and “better financing outcomes which will enable meaningful sustainable investment in St Kitts and Nevis and the wider Eastern Caribbean”.

This latest development is a perfect example of such a financing outcome.

The African Export–Import Bank is a pan-African multilateral trade finance institution created in 1993 under the auspices of the African Development Bank. It is headquartered in Cairo, Egypt. Afreximbank’s vision is to be the trade finance bank for Africa.

The bank’s mandate is to finance and promote intra- and extra-African trade using three broad services: Credit (Trade finance and Project finance); Risk Bearing (Guarantees and Credit Insurance) and Trade Information and Advisory Services.

Afreximbank’s total assets and guarantees stand at over US$32.5 billion, and its shareholder funds amount to US$5.2 billion

BONI commenced operations on July 1st, 1998, and is an independent financial centre with key connections to global markets. It has been a financial gateway to the rest of the world, connecting its clients with international financial centres and markets.

It has represented the Caribbean at the top table of banking and financial services, and has a strong repeat client base which has been a result of the team’s inclusive and diverse approach at every level..

BONI is regulated by the 2014 Nevis International Banking Ordinance (NIBO) and is registered with the US Treasury Department as a Foreign Financial Institution (FFI) for Foreign Account Tax Compliance Act (FATCA)-reporting purposes.

Afreximbank, led by Mr Renee Awambeng, Global Head of Client Relations, and BONI (File Photo)
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