Gulf Oil and Gas accountACCOUNT

ROC to Receive $250m Afreximbank Support for Oil Fields Strategic Plan

Source: www.gulfoilandgas.com 1/11/2017, Location: Africa

The African Export-Import Bank (Afreximbank) and the Government of the Republic of Congo yesterday in Cairo signed a facility agreement under which the Bank will provide $250 million in future flow pre-financing to meet the Government’s strategic plan for its oil fields.

Afreximbank President Dr. Benedict Oramah, who signed on behalf of the Bank, said that the facility was part of a $1-billion syndicated loan commitment which the government had 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.

Dr. Oramah, who noted that the current low oil prices continued to put “unimaginable pressures on governments of oil exporting countries in Africa, including the Republic of Congo”, stated that the Bank had stepped in with innovative programmes to mitigate the adverse impact of those economic shocks on its member states.

The new facility was expected to have significant development impact on the Republic of Congo 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 the people’s living conditions, he said.

In his own comments, Calixte Ganongo, Minister of Finance of Republic of Congo, welcomed the support extended to his country by Afreximbank and said that the government had turned to the Bank because it believed in tapping into the continent’s resources. He pledged that the Republic of Congo would meet its obligations to the Bank and would do everything to support its work.

Also speaking, Raphael Malonga, Ambassador of the Republic of Congo to Egypt, urged Afreximbank to maintain its current momentum in addressing the trade finance needs of its African countries.

Financials and Investment News in Congo >>

Uganda >>  2/26/2021 - Tullow Oil plc is pleased to provide an update on the redetermination of its Reserves Based Lending facility ("RBL").

Over the past few we...

United Kingdom >>  2/25/2021 - Subsea 7 S.A. announced that, on 24 February 2021, the Group entered into a $500 million five-year amortizing loan facility backed by a $400 million g...

United States >>  2/25/2021 - Cheniere Energy Partners, L.P. intends to offer, subject to market and other conditions, $1.0 billion principal amount of Senior Notes due 2031 (the "...
United States >>  2/25/2021 - Green Plains Inc. announced the pricing of its underwritten public offerings of $175.0 million of common stock at a price to the public of $23.00 per ...

United States >>  2/25/2021 - Kosmos Energy Ltd. announced the pricing of $450 million aggregate principal amount of its 7.500% senior notes due 2028. The offering was upsized by $...
Brazil >>  2/24/2021 - Petrobras, informs that its Board of Directors, at a meeting held, approved dividends to shareholders based on the 2020 annual results in the amount o...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Congo Oil & Gas 1 >>  2 | 3 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.