Afreximbank signs a $100 million Trade Finance Facility with JE Energy for the execution of Guyana crude oil export contracts – Africa.com
African Export-Import Bank (Afreximbank) (www.Afreximbank.com) signed a US$100 million revolving trade financing agreement on November 5 in Cape Town, South Africa, to support oil trader JE Energy Limited in executing contracts in the Republic of Guyana.
Under the terms of the agreement signed during Africa Energy Week, JE Energy Limited, which has been awarded a contract to extract and sell crude oil from Guyana, will finance the purchase and sale of crude oil using a two-year loan from the Guyana Department of Natural Resources for resale to a reputable international off-takers.
The loan is issued in the context of Afreximbank’s push to increase business opportunities in member countries of the CARICOM region and is expected to help ensure that Guyana is able to trade internationally and benefit from its natural resources while earning much-needed foreign exchange .
Signing the agreement on behalf of Afreximbank was Ms. Helen Brume, Director and Global Head of Project and Asset Finance, while Mr. Joseph Ilebode, Group Managing Director of JE Energy Limited, signed on behalf of his company.
Ms Gwen Mwaba, Managing Director of Trade Finance and Agency Banking at Afreximbank commented: “Afreximbank is pleased to support JE energy’s recent contract with the Republic of Guyana to boost the country’s crude oil exports. This partnership not only highlights our commitment to promoting sustainable energy solutions in Africa and beyond; Strengthening regional trade links. We believe that supporting innovative companies like JE Energy is vital to unlocking economic potential and driving growth in the energy sector and together we can contribute to a prosperous future for Guyana and the wider region.”
Mr. Joseph Ilebode, Group Managing Director of JE Energy, commented: “We are very grateful to Afreximbank for the financing provided to JE Energy Ltd. This is a clear demonstration of Afreximbank’s willingness to support capable partners to drive energy solutions and unlock the potential of the energy sector.” The department. We firmly believe that this will go a long way in supporting JE Energy’s plans, not only in Guyana but across the African continent. “
Since the start of production in 2019, Guyana has become an important contributor to the growth of global crude oil supply. At the beginning of 2024, crude oil production reached 645,000 barrels per day, making crude oil production the largest contributor to its economic growth.
The four-day Africa Energy Week, hosted by the African Energy Chamber, brings together African energy leaders, global investors and public and private sector executives for dialogue on the future of Africa’s energy industry. The event will take place from 4 to 8 November and will include interactive sessions, exhibitions and networking events, panel discussions, investor forums, industry summits and one-on-one meeting opportunities.
Distributed by APO Group on behalf of Afreximbank.
Media contact information:
Mr Vincent Musumba
Communications and Events Manager (Media Relations)
e-mail: press@afreximbank.com
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About Afreximbank:
The African Export-Import Bank (Afreximbank) is a pan-African multilateral financial institution whose mission is to finance and facilitate intra-African and external trade. For 30 years, the World Bank has been providing financing solutions through innovative structures to support the transformation of Africa’s trade structure, accelerate industrialization and intra-regional trade, thereby promoting Africa’s economic expansion. As a staunch supporter of the African Continental Free Trade Agreement (AfCFTA), the African Export-Import Bank launched the Pan-African Payments and Settlement System (PAPSS) and was adopted by the African Union (AU) as a payment settlement platform to support the African Continental Free Trade Agreement. implementation. African Continental Free Trade Area. The World Bank is working with the African Continental Free Trade Area Secretariat and the African Union to establish a US$10 billion adjustment fund to support countries that participate effectively in the African Continental Free Trade Area. As of the end of December 2023, Afreximbank’s total assets and guarantees exceeded US$37.3 billion, and shareholder funds amounted to US$6.1 billion. Afreximbank has investment grade ratings from GCR (International Grade) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity consisting of the Bank, its impact fund subsidiary Africa Export Development Fund (FEDA) and its insurance management subsidiary AfrexInsure (together the “Group”). The bank is headquartered in Cairo, Egypt.
For more information, please visit: www.Afreximbank.com
