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HomeNewsAFREXIMBANK LAUNCHES US$1B OIL SERVICES FINANCING FACILITY TO SUPPORT PETROLEUM SECTOR

AFREXIMBANK LAUNCHES US$1B OIL SERVICES FINANCING FACILITY TO SUPPORT PETROLEUM SECTOR

$1 Billion Afreximbank Facility Announced to Boost Guyana’s Local Content in Oil and Gas Sector

By Antonio Dey | HGP Nightly News

GEORGETOWN, GUYANA – A US $1 billion services facility will be established in Guyana to bolster the capacity of local companies in the oil and gas sector, according to an announcement made by Okuku Eerica, Regional Chief Operating Officer for the Caribbean at the African Export-Import Bank (Afreximbank).

Speaking at the Afreximbank Roadshow held on Wednesday under the theme “Empowering Local Content Participation for Sustainable Prosperity,” Eerica emphasized that the commitment to the billion-dollar facility was not just a promise but an implementation-ready plan.

“The local content players are often hampered by lack of access to finance,” Eerica said. “If you want to attain greatness, you have to finance that greatness.”

The roadshow attracted over 150 participants including small and medium-sized enterprises (SMEs), manufacturers, financial institutions, government agencies, and oil and gas operators, all seeking to transform investment plans into reality.

The announcement comes amid Guyana’s rapid transformation into a major oil-producing nation, with strong emphasis on local content development to ensure wider economic benefits for citizens.

Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, also addressed the event, welcoming Afreximbank’s interest in developing port infrastructure, including a deepwater harbor, which is seen as critical for trade and regional connectivity.

“We no longer want to be just exporters of raw materials,” Singh said. “We want to be producers and manufacturers of value-added goods.”

Dr. Singh added that Guyana is aligned with the vision of transforming the Caribbean-African trade ecosystem, highlighting a shared ambition for sustainable, diversified growth.

The Afreximbank initiative is expected to unlock greater competitiveness and access to capital for Guyanese businesses in strategic sectors, from energy to manufacturing, reinforcing the country’s position as a gateway for regional prosperity.

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