Congo has signed a facility agreement with “Afreximbank” African export import bank under which the Bank will provide $250 million in future flow pre-financing to meet Brazzaville’s strategic plan for its oil fields.
The facility was part of a $1-billion syndicated loan commitment which Congo’s government had mandated Afreximbank to raise for the country to enable it cater for capital investment financing requirements for oil production increases and to also finance trade-related investments in the oil and gas sector.
The new facility is expected to support the government to finance and expand upstream oil production activities, expand oil exports and improve foreign exchange earnings. It will also support productive activities to help it diversify away from oil, and create jobs and improve the people’s living conditions.
