Petroleum Africa
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Tuesday, January 24, 2017
The African Export Import Bank, or Afreximbank, will be aiding the Republic of Congo (ROC) with its strategic plan for its oil fields. The deal was signed between the bank and ROC government officials in Cairo on January 11.
The bank’s assistance will come in the form of $250 million in future flow pre-financing to meet the government’s strategic plan for its oil fields.
The bank’s president, Dr. Benedict Oramah, said that the facility was part of a $1-billion syndicated loan commitment that government had previously mandated Afreximbank to raise for the country to enable it cater for capital investment financing requirements for oil production increases, and to also finance trade-related investments in the oil and gas sector.
The new facility was expected to have significant development impact on the ROC by supporting the government to finance and expand upstream oil production activities, expand oil exports and improve foreign exchange earnings, support productive activities to help it diversify away from oil, and create jobs, and improve living conditions.
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