Afreximbank offers US$1 billion to Guyanese-owned oil companies

Last Updated on Tuesday, 18 February 2025, 23:37 by Writer

The Egypt-headquartered African Export-Import Bank (Afreximbank) on Tuesday tabled a US$1 billion offer to Guyanese-owned companies aimed at increasing their wealth, a proposal that President Irfaan Ali said government was considering.

He told reporters that there was no deadline by which his administration has to inform Afreximbank that Guyana would tap into the financing facility. He believed that the money could be used to assist companies with cash flow challenges while they await payments for services provided by contractors and suppliers.

Afreximbank President, Professor Benedict Okechukwu “Okey” Oramah announced the offer during a presentation at the Guyana Energy Conference without going into details. “You know the cash flow issue so that is what he was alluding to: how the Afreximbank can help to collateralise and to offer support in that regard,” the President told reporters.

But Dr Ali said if his administration green lights the proposal, companies would be able to access the financing directly from Afreximbank or through local commercial banks.

Guyana is yet to tap into a US$500 million on-lending facility from that bank to small- and medium-scale Guyanese enterprises.