$1B Afreximbank fund launched to power local oil & gas businesses

In a bold move aimed at strengthening Guyana’s local oil and gas sector, the African Export-Import Bank (Afreximbank) on Monday officially launched a US$1 billion oil services financing facility at the Marriott Hotel in Georgetown.
The initiative, a collaboration between the Bank and the Government of Guyana, seeks to bolster local content participation by providing targeted financial support to Guyanese firms operating in the energy industry. The launch follows earlier discussions between President Irfaan Ali and Afreximbank President Benedict Oramah, and marks a key deliverable of February’s Energy Conference & Supply Chain Expo.
Held under the theme “Empowering Local Content Participation for Sustainable Prosperity through the Implementation of Afreximbank Mandate,” the two-day roadshow is designed to connect Guyanese businesses with financial tools to help them grow and compete in the dynamic oil and gas space.
Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr. Ashni Singh, hailed the fund as a historic step toward unlocking untapped potential in Africa-Caribbean trade.
“There is a really deep and profound tie between the African continent and the Caribbean, that is rooted primarily first and foremost in its people and culture,” Dr. Singh said.
“But there are also remarkable economic opportunities 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 instead capitalize and leverage resources.”
He urged the private sector to “interrogate and analyse” the products being offered by Afreximbank, noting that real economic gains depend on meaningful uptake by local firms.
“We are committed as a government to providing all of the support that we possibly can to facilitate and encourage easier and more competitively priced access to financing,” he assured.
Dr. Singh also issued a broader call to international and regional financial institutions to emulate Afreximbank’s approach, and scale up engagement with Guyana’s private sector.
Delivering a strong message of intent, Okechukwu Ihejirika, Regional Chief Operating Officer of Afreximbank, made clear the Bank’s goal is not just to present ideas, but to deliver actionable outcomes.
“It is something we mean to implement… about getting deals done,” he said. “We’re here to listen, to engage, and to start implementation.”
He stressed the importance of ensuring that Guyanese companies — not just multinational corporations — benefit from the country’s oil wealth.
Bridging Africa and the Caribbean
The launch of the financing facility is part of Afreximbank’s broader mission to promote AfriCaribbean trade, build resilient economic partnerships, and close investment gaps in developing markets.
The Bank, founded in 1993, is headquartered in Cairo, Egypt, and has become a key player in driving trade-based development across the African continent — and increasingly, in the Caribbean.
The US$1 billion facility will be available to support local companies engaged in oilfield services, logistics, fabrication, marine transport, and other segments of the energy supply chain.
“This is not just finance,” Dr. Singh declared. “It’s about building a future where Guyanese businesses lead in shaping their own destiny.”
Afreximbank is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade.
For more than 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa.