Guyana, Afreximbank host oil services financing roadshow

Guyana and the African Export-Import Bank (Afreximbank) have concluded a two-day roadshow aimed at promoting local access to a US$1 billion oil services financing facility. The initiative, first announced during the Guyana Energy Conference in February, seeks to accelerate local participation in the country’s expanding oil and gas industry.
Held from May 21 to 22 in Georgetown, the event brought together key stakeholders from the oil and gas, finance, and Government sectors under the theme “Empowering Local Content Participation for Sustainable Prosperity Through the Implementation of Afreximbank Mandate.”
The roadshow underscored Afreximbank’s commitment to supporting local content development in Guyana, in line with its broader mandate to promote economic integration across the African continent and its diaspora, which includes the Caribbean.

Guyana’s economy, fuelled by offshore oil discoveries, is projected to grow by 14 per cent annually over the next five years. In response, the Government enacted the Local Content Act in 2021 to maximise national benefits from oil production by prioritising local labour, services, and goods.
Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr Ashni Singh, commended Afreximbank’s leadership and its commitment to facilitating development through financial access.
“There is a deep and profound historic tie between Africa and the Caribbean… but there are also remarkable economic opportunities between us that have remained untapped,” Dr Singh said. “I urge members of the business community in Guyana to interrogate and analyse the products offered by the Bank to take full advantage of the opportunities they present.”
Afreximbank’s Acting Regional Chief Operating Officer for the Caribbean, Okechukwu Ihejirika, reaffirmed the Bank’s commitment to operationalising the financing facility.
“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,” Ihejirika said.
“We are here to listen, to engage, and to chart a path towards sustainable and shared prosperity.”
Guyanese business representatives, including small and medium enterprises (SME), financial institutions, and intermediaries, had the opportunity to directly engage with Afreximbank officials. Notable participants included Kathy S. Smith, President of the Georgetown Chamber of Commerce and Industry and newly elected Vice-Chairperson of the Private Sector Commission, and Nafeeza Gaffoor, Chairperson of the Guyana Association of Bankers.
The Bank introduced a comprehensive package of financial and trade tools to support local businesses. These include loans, letters of credit, guarantees, and trade facilitation platforms such as the Pan-African Payment and Settlement System (PAPSS) and the Afreximbank Trade Payment Services and Facilitation Programme.
The roadshow concluded with the identification of priority areas for immediate collaboration, including national infrastructure development, capacity building, and financial support for intermediaries in the oil and gas value chain.
This initiative marks a significant step toward ensuring that Guyana’s economic transformation benefits its citizens through stronger local content engagement and increased private sector participation.