Afreximbank Signs $100 Million Trade Finance Facility Agreement with JE Energy Limited in Guyana
African Export-Import Bank (Afreximbank) recently signed a groundbreaking agreement for a US$100 million Revolving Trade Finance Facility with JE Energy Limited, an oil trader, to support its contract implementation in the Republic of Guyana. The agreement was sealed during the African Energy Week in Cape Town, South Africa.
JE Energy Limited, the recipient of the facility, has secured contracts to lift and market crude oil from Guyana. This two-year financing arrangement will enable the company to facilitate the purchase and sale of crude oil from Guyana’s Ministry of Natural Resources to reputable international buyers.
The agreement signifies Afreximbank’s commitment to fostering business opportunities in its member countries within the CARICOM region. By providing this financial support, Afreximbank aims to help Guyana leverage its natural resources for international trade, thereby earning crucial foreign currency.
Mrs. Helen Brume, Director & Global Head of Project & Asset-Based Finance at Afreximbank, and Mr. Joseph Ilebode, Group Managing Director of JE Energy Limited, represented their respective organizations during the signing ceremony.
Commenting on the partnership, Ms. Gwen Mwaba, Managing Director of Trade Finance & Correspondent Banking at Afreximbank, emphasized the importance of supporting innovative companies like JE Energy to drive economic growth in the energy sector. Mr. Ilebode expressed gratitude for Afreximbank’s support, highlighting the potential impact of the facility on JE Energy’s operations in Guyana and across Africa.
Guyana has emerged as a key player in the global crude oil market since commencing production in 2019. With a daily production capacity of 645,000 barrels, crude oil has become a significant contributor to the country’s economic growth.
The agreement between Afreximbank and JE Energy Limited underscores the importance of collaboration in advancing sustainable energy solutions and enhancing regional trade ties. Both organizations are committed to unlocking economic potential and driving growth in Guyana and the wider region.
The signing took place during the African Energy Week, organized by the African Energy Chamber, which brings together industry leaders, investors, and stakeholders to discuss the future of the African energy sector. The event features a series of interactive sessions, exhibitions, networking opportunities, and panel discussions.
For more information about Afreximbank and its initiatives, visit www.Afreximbank.com.
Media Contact:
Mr. Vincent Musumba
Manager, Communications and Events (Media Relations)
Email: press@afreximbank.com
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About Afreximbank:
African Export-Import Bank (Afreximbank) is a Pan-African financial institution dedicated to promoting intra-African and extra-African trade. With a focus on supporting industrialization, intra-regional trade, and economic expansion in Africa, Afreximbank plays a vital role in advancing the continent’s economic development. The Bank is a strong advocate for the African Continental Free Trade Agreement (AfCFTA) and has launched initiatives like the Pan-African Payment and Settlement System (PAPSS) to facilitate trade under the AfCFTA. With total assets exceeding US$37.3 billion and investment-grade ratings from leading agencies, Afreximbank continues to drive sustainable growth and development across Africa.
For more information, visit: www.Afreximbank.com
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