The African Export-Import Bank (Afreximbank) has announced a substantial new financial commitment toward strategic infrastructure projects in Djibouti, centered on the expansion of the Damerjog jetty and critical national industrial road networks.
The announcement was made during the official groundbreaking ceremony for the Damerjog pipeline and storage facility. The high-profile event brought together regional leaders, including Djibouti’s President Ismail Omar Guelleh, Ethiopian Prime Minister Abiy Ahmed, and prominent African industrialist Aliko Dangote.
Dr. George Elombi, Afreximbank President and Chairman of the Board of Directors, underscored the collaborative spirit driving the initiative. He highlighted the project as a blueprint for African self-reliance, uniting African governments, indigenous entrepreneurial vision, and pan-African financial institutions to deliver world-class infrastructure.
Building upon a US200 million investment in the initial Oil Jetty and pipeline financed by Afreximbank in 2023, the bank is committing to finance the project’s second phase, estimated at US130 million.
To complement maritime and storage capabilities, Afreximbank is actively arranging a US$150 million facility dedicated to developing critical industrial roads across Djibouti, streamlining supply chain logistics.
Beyond physical infrastructure, Afreximbank’s broader strategy targets the financial architecture underpinning East African commerce. The institution has recently approved trade confirmation lines for four Djiboutian banks and successfully onboarded seven local financial institutions onto its pan-African payment services program.
These moves are designed to radically improve local access to trade finance, boost institutional liquidity, and smooth cross-border regional payments.
