Afreximbank Provides $100 Million Trade Finance Boost to JE Energy for Guyana’s Crude Oil Exports…

Afreximbank Provides $100 Million Trade Finance Boost to JE Energy for Guyana’s Crude Oil Exports

Cairo, Egypt – The African Export-Import Bank (Afreximbank) has announced the signing of a $100 million trade finance facility with JE Energy, a leading energy trading company. The facility is designed to support the execution of crude oil export contracts from Guyana, marking a significant milestone in the country’s emerging oil and gas sector.

The trade finance facility will enable JE Energy to purchase crude oil from Guyana’s oil producers, including the Stabroek Block, which is operated by ExxonMobil. The facility will also provide JE Energy with the necessary liquidity to fulfill its contractual obligations and expand its operations in the region.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commented, “We are pleased to support JE Energy in its efforts to promote trade and economic development in Guyana. This facility demonstrates Afreximbank’s commitment to supporting African and Caribbean businesses in the oil and gas sector.”

The deal is expected to have a positive impact on Guyana’s economy, which is heavily reliant on agriculture and mining. The country’s emerging oil and gas sector is expected to drive economic growth and development in the coming years.

JE Energy’s Chief Executive Officer, commented, “We are grateful for Afreximbank’s support, which will enable us to expand our operations in Guyana and promote trade in the region. We look forward to working with Afreximbank to drive economic growth and development in Guyana and beyond.”

Afreximbank’s trade finance facility is expected to play a critical role in supporting the growth and development of Guyana’s oil and gas sector, while also promoting trade and economic development in the region.