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Afreximbank hosts campaign to help Guyanese tap US$1B financing for oil and gas opportunities
Kaieteur News- The African Export-Import Bank (Afreximbank) in collaboration with the Government of Guyana (GoG) recently concluded a two-day roadshow to promote access to a US$1-billion oil services financing facility available to help Guyanese participate in its oil and gas sector.
The roadshow was held between May 21 and May 22 in Georgetown, following an announcement by the bank in February this year during the Guyana Energy Conference to make the financing available.
Finance Minister, Dr. Ashni Singh, and officials of the African Export-Import Bank (Afrieximbank) following the launch of the financing facility earlier this year
Themed ‘Empowering local content participation for sustainable prosperity through the implementation of Afreximbank mandate’, it highlighted the nexus of Afreximbank’s mandate in the promotion of local participation in Global Africa and in Guyana.
Guyana’s economy has been growing rapidly and is expected to record a Gross Domestic product (GDP) growth rate of 14 per cent in the next five years, supported primarily by the expanded activities in the oil and gas sector and other non-oil sectors. Driven by the growth prospects, the GoG introduced a Local Content Act in 2021 to optimise economic gains from the oil and gas industry by strengthening the local value chain and prioritising the use of domestic labour, goods, and services.
During the event, several Guyanese companies, including business intermediaries, SMEs, and financial institutions, attended the roadshow, engaging directly with the bank on its strategic support for Guyana’s transformative development journey.
Other notable persons participating in the event included, President of the Georgetown Chamber of Commerce and Industry, Kathy Smith and Chairperson of the Guyana Association of Bankers, Nafeeza Gaffoor.
In a statement, the bank said it introduced a comprehensive suite of solutions, including funded products (loans and credits), non-funded instruments (letters of credit and guarantees), and key trade facilitation tools such as the Pan-African Payment and Settlement System (PAPSS) and the Afreximbank Trade Payment Services and Facilitation Programme. “These offerings—alongside treasury and settlement services—are tailored to deploy the new financing facility effectively and catalyse greater private sector participation in high-growth sectors like oil and gas,” the organization explained.
The two-day roadshow concluded with the identification of immediate projects and interventions for the bank in Guyana. These include capacity building programmes, development of select national infrastructure projects and support to intermediaries in the oil and gas value chain.
During the roadshow, Finance Minister, Dr. Ashni Singh highlighted the importance of the partnership and expressed appreciation to the Afreximbank leadership for establishing the oil service financing facility.
He said, “there is a deep and profound historic tie between Africa and the Caribbean, a tie that is rooted first and foremost in our people and our culture. But there are also remarkable economic opportunities between us that have remained untapped and under tapped for far too long. We need, in this generation, to move the relationship beyond historic, cultural, and emotional ties, and now capitalize and leverage resources to realize the vast economic and commercial opportunities that exist between our economies. I therefore urge you, members of the business community in Guyana to interrogate and analyze the products offered by the Bank in detail to fully understand their potential and benefits, and to take advantage of the opportunities they can unlock.”
Meanwhile, Afreximbank’s Acting Regional Chief Operating Officer for the Caribbean, Okechukwu Ihejirika said the Bank intends to fully implement the initiative in Guyana as he highlighted the importance of local businesses benefitting from Guyana’s oil wealth.
“Our US$ 1-billion oil servicing finance facility for local content players in Guyana is not just a promise; it is an initiative we intend to fully implement. Through it, we will empower local Guyanese businesses to participate in the transformative opportunities available in the Oil & Gas sector. We are therefore here to listen, to engage, and to chart a path towards sustainable and shared prosperity,” he noted.
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