Afreximbank, KOMI Sign US$25 million Loan Agreement for Rehabilitation of 2024 Cricket World Cup Facility

Nairobi,

Thursday November 2, 2023

KNA by Hamdi M.Buthul

The African Export-Import Bank (Afreximbank) has signed an agreement with the Barbados-based Kensington Oval Management Inc. (KOMI) in Georgetown, Guyana, to provide a US$25-million term loan facility. 

In a statement sent to the newsroom, the loan facility will be utilised for the rehabilitation and maintenance of sports infrastructure required for the 2024 Cricket World Cup, which is going to be held in Barbados.

Prof. Benedict Oramah, President and chairman of the board of directors of Afreximbank, and the Honourable Mia Amor Mottley, Prime Minister of Barbados, signed the agreement on behalf of their two organisations on the sidelines of the Second AfriCaribbean Trade and Investment Forum (ACTIF23).

Under the terms of the agreement, KOMI will use the proceeds of the loan, which carries a seven-year tenure, to rehabilitate the infrastructure, namely Kensington Oval, ahead of the Cricket World Cup scheduled to take place from June 4 to 30, 2024. The loan is being provided under Afreximbank’s Sports Financing Programme.

Speaking during the signing, Prof. Oramah said the rehabilitation and maintenance of the sports infrastructure will foster economic growth, cultural exchange, and community development by ensuring the effective hosting of the Cricket World Cup.

According to President Oramah, the World Cup will increase tourism income and stimulate growth among various service providers in the tourism industry, while the newly renovated and fully functional infrastructure at Kensington Oval will also continue to host a wide range of sporting events in the future, attracting athletes and enthusiasts from around the world.

Reflecting on the agreement, Prime Minister Mottley stated that the loan would contribute to the further development of cricket in the region. The Barbados Prime Minister said the funds will facilitate the establishment of indoor cricket facilities, which will enable Caribbean cricketers to closely analyse and improve their skills to compete on the field.

“This region must give our cricketers the best available coaching and technology if they are to be able to resume their global position in cricket”, she said, while expressing gratitude to Afreximbank for providing the funds at concessionary interest rates to make it possible.

Courtesy; KNA