The African Export-Import Bank (Afreximbank) has announced a substantial new financial commitment totaling $280 million toward strategic infrastructure projects in Djibouti. The announcement anchors a transformative initiative centered on the expansion of the Damerjog jetty and the development of critical national industrial road networks.
The landmark funding was officially unveiled during a high-profile groundbreaking ceremony for the Damerjog pipeline and storage facility. The event drew prominent regional leaders and industry titans, including Djibouti’s President Ismail Omar Guelleh, Ethiopian Prime Minister Abiy Ahmed, and renowned African industrialist Aliko Dangote.
Dr. George Elombi, Afreximbank President and Chairman of the Board of Directors, underscored the collaborative spirit driving the multi-million-dollar initiative during the ceremony. He hailed the project as a vital blueprint for African self-reliance, successfully uniting African governments, indigenous entrepreneurial vision, and pan-African financial institutions to deliver world-class infrastructure capable of reshaping the continent’s economic landscape.
This new commitment builds directly upon a previous $200 million investment made by Afreximbank in 2023 for the initial Oil Jetty and pipeline. With the latest financial package, the bank is officially financing the project’s second phase—estimated at $130 million—to significantly scale up maritime and energy storage capabilities in the strategic Horn of Africa nation.
Recognizing that maritime terminals alone cannot guarantee seamless commerce, Afreximbank is complementing its port investments with overland logistics solutions. The institution is actively arranging an additional $150 million facility dedicated specifically to developing critical industrial roads across Djibouti.
This network of roads is designed to streamline supply chain logistics, ensuring that goods moving through the Damerjog facility can be transported swiftly and efficiently across borders, strengthening trade corridors that connect landlocked nations like Ethiopia to global maritime routes.
Beyond physical construction, Afreximbank’s broader strategy targets the very financial architecture underpinning East African commerce. To ensure local businesses and institutions can fully leverage the new infrastructure, the bank has recently approved trade confirmation lines for four Djiboutian banks.
Furthermore, Afreximbank has successfully onboarded seven local financial institutions onto its flagship pan-African payment services program. These coordinated moves are designed to radically improve local access to essential trade finance, boost institutional liquidity, and smooth cross-border regional payments.
By simultaneously investing in heavy industrial infrastructure and reforming local financial systems, Afreximbank and its regional partners are laying a robust foundation for sustainable economic growth, positioning Djibouti as an indispensable logistics and trade hub for the entire African continent.
