Guyana and Afreximbank Launch $1B Oil Financing Facility

News Americas, New York, NY, May 27, 2025: The Government of Guyana and the African Export-Import Bank (Afreximbank) have officially launched a US$1 billion financing facility aimed at strengthening the participation of local businesses in the country’s booming oil and gas sector.

Unveiled recently at the Marriott Hotel during a two-day roadshow themed “Empowering Local Content Participation for Sustainable Prosperity,” the initiative follows high-level discussions between President Irfaan Ali and Afreximbank President Benedict Oramah earlier this year. The facility is intended to deepen Caribbean-Africa trade ties while ensuring local enterprises benefit from Guyana’s oil wealth.

Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr. Ashni Singh, lauded the launch as a milestone in economic cooperation. “This generation must move beyond cultural ties and capitalize on the untapped commercial opportunities between our regions,” he said. He urged the local private sector to explore the bank’s financial products and engage in meaningful transactions.

Afreximbank’s Regional COO, Okechukwu Ihejirika, reaffirmed the Bank’s commitment to implementation, emphasizing that local businesses must have a stake in the country’s energy-driven prosperity.

The facility is a key step in expanding access to competitively priced financing for Guyanese companies.

EXXON/CHEVRON FIGHT

The facility comes as a high-stakes legal battle between U.S. oil giants ExxonMobil and Chevron over Guyana’s lucrative Stabroek oilfield begins this week in London arbitration. At the center is a 30% stake in the field, held by Hess Corporation, which Chevron agreed to acquire for $53 billion. Exxon, already holding a 45% share, argues it has first refusal rights under a joint operating agreement. The outcome could reshape future oil contracts and corporate takeovers. The Stabroek block, with over 11 billion barrels in reserves, is a key growth asset for both companies and a major revenue source for Guyana.