Afreximbank and UNECA sign agreement to establish special economic zones for the production of Battery Electric Vehicle.

The African Export-Import Bank (Afreximbank) and the United Nations Economic Commission for Africa (UNECA) have signed a framework agreement with the Democratic Republic of Congo and Zambia for the establishment of Special Economic Zones (SEZ) for the production of Battery Electric Vehicle (BEV) and related services.

'The execution of this framework agreement testifies to a strong commitment by the governments of the DRC and Zambia, Afreximbank and UNECA, as well as other partners, to promote inclusive development of the Battery Electric Vehicle value chain, also rendering the DRC and Zambia globally competitive investment destinations,'

Under the terms ratified in the framework agreement, Afreximbank and UNECA will play a central facilitating role, acting as the project's financial and technical partners respectively.

The two institutions will lead the establishment of an Operating Company (OpCo) in consortium with investors (both public and private) from DRC and Zambia, as well as international investors such as Afreximbank's impact fund subsidiary, the Fund for Export Development in Africa (FEDA).

This operating company will develop Special Economic Zones dedicated to the production of battery precursors, batteries, and electric vehicle, in both the DRC and Zambia.

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