The African Export-Import Bank (Afreximbank) has signed a $100mn Revolving Trade Finance Facility agreement with JE Energy Limited to support its crude oil trading operations in Guyana.
The two-year contract, signed during the African Energy Week conference, will finance JE Energy's purchase and sale of crude oil from Guyana's Ministry of Natural Resources to international buyers.
The agreement forms part of Afreximbank's strategy to expand business opportunities in its CARICOM member countries.
Gwen Mwaba, managing director of Trade Finance & Correspondent Banking at Afreximbank, announced: “Afreximbank is thrilled to support JE energy in their recent contract with the Republic of Guyana to facilitate the export of the country's crude oil.”
Guyana's crude oil production averaged 608,000 barrels per day (bpd), becoming the country's primary economic growth driver since production began in 2019.
This strategic partnership between Afreximbank and JE Energy marks a significant step in Africa-Caribbean trade relations, potentially opening new pathways for cross-regional energy cooperation. As Guyana's oil sector continues to expand, such financial facilities could prove crucial in maximising the economic benefits for both regions while strengthening South-South cooperation in the energy sector.
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