– as Finance Minister encourages bank to work closely with local business sector to facilitate real transactions

THE African Export-Import Bank (Afreximbank) at the Marriott Hotel, on Wednesday, launched a US $1 billion oil services financing facility to support local businesses in the oil and gas sector.

The two-day road-show event, held in collaboration with the Government of Guyana, will see attendance from a number of local business and government officials and is being held under the theme, ‘Empowering Local Content Participation for Sustainable Prosperity through the Implementation of Afreximbank Mandate.’

Its objective is to strengthen economic trade and partnerships between Caribbean countries and Africa and the initiative follows bilateral discussions between His Excellency President Irfaan Ali and the Bank’s President, Mr Benedict O Oramah, earlier this year.

It can be recalled that in February 2025, President Oramah, during the opening of Guyana’s Energy Conference and Supply Chain Expo, declared the Bank’s intention to launch the financing facility in Guyana.

Speaking at the event, Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr Ashni Singh, emphasised that, “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. But there are also remarkable economic opportunities that have remained untapped and undertapped for far too long, and we need, in this generation, to move the relationship beyond historic, cultural and emotional times, and instead, capitalise and leverage resources to realise the vast economic and commercial opportunities that exist between our economies.”

Dr Singh also expressed appreciation to the bank’s leadership on behalf of the Government of Guyana for establishing the facility and convening the event to introduce the Guyanese private sector to the various financial products and encouraged the Bank to work closely with the sector to facilitate real transactions. He then urged the private sector to interrogate and analyse in detail, the products offered by the Bank, to fully understand their potential and benefits and to take advantage of the opportunities they present.

The minister further used the opportunity to call on other international and regional agencies to do more with the Guyanese private sector, given the vast opportunities and exponential economic growth in the country today.

“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,” Dr Singh assured.

During his presentation at the forum, Afreximbank’s Regional Chief Operating Officer Mr Okechukwu Ihejirika pointed out that the launch was not just a promise.

“It is something we mean to implement… about getting deals done. We’re here to listen, to engage, and to start implementation.”

Mr Iherjirika also noted that it is imperative that not just international oil firms, but local businesses also benefit from Guyana’s oil wealth.

The Afreximbank, an international financial institution, was launched in 1993 with a mission “to stimulate a consistent expansion, diversification and development of African trade, while operating as a first-class, profit-oriented, socially responsible financial institution and a centre of excellence in African trade matters.”