By Kurt Campbell in Abuja
kurt@newsroom.gy
Afreximbank’s US$1 billion oil services financing facility for Guyana is already yielding results, with local businesses expressing renewed confidence to compete for contracts they previously thought were out of reach, says the Bank’s Regional Chief Operations Officer for the Caribbean, Mr Okechukwu Iherjirika.
Speaking on the sidelines of the 32nd Annual Afreximbank Meetings at the Transcorp Hilton in Abuja on Wednesday, Mr Iherjirika described the May 21 engagement in Georgetown as “overwhelmingly received” and “transformational.”
“We’re already seeing companies say, ‘We wouldn’t have dared bid for this contract before but with your support, we’re going for it,’” Iherjirika said.
The facility, launched in February 2025 with a following up engagement during Afreximbank’s first Caribbean roadshow in Guyana last month, targets businesses in oil services and mining.
“Without local capacity, the value of Guyana’s resources is externalised,” Iherjirika warned. “We want the benefits to stay home to raise technical competence and build economic resilience.”
The initiative supports Guyanese firms with contracts tied to the oil and gas sector, ensuring they are not crowded out by larger, foreign players due to lack of access to capital. Iherjirika noted that with financing support, these firms can now compete for deals worth US$5 million and beyond.
To qualify for the facility, businesses must be engaged in trade-related activity, particularly those that support the import or export of essential goods and services, including oil and gas.
Regional Chief Operations Officer for the Caribbean, Mr Okechukwu Iherjirika. (Photo: Kurt Campbell/ July 25, 2025)
“If you can’t get the oil out, there’s no revenue. So oil services are essential to trade and that’s where we step in,” he explained.
While direct support is geared toward transactions above US$5 million, Afreximbank is also enabling “on-lending” arrangements through local financial institutions for smaller deals.
“We don’t aim to compete with local banks, we complement them,” Iherjirika noted.
Contrary to assumptions, projects don’t have to involve trade with Africa to qualify.
“Once it touches Guyana, we’re in,” Iherjirika affirmed. “Guyana is now a partner-member of the Bank. That means it operates with the same privileges as African nations.”
The facility reflects Afreximbank’s broader mandate to deepen Africa-Caribbean trade ties. Twelve CARICOM nations are now members of the Bank, which has a regional office in Bridgetown, Barbados.
“This is not just a promise, it’s about delivery,” Iherjirika stressed. “We’ve been charged by ministers not to just talk, but to act. And we will.”
Finance Minister Dr Ashni Singh had previously hailed the facility as “timely and transformational,” noting its alignment with Guyana’s local content ambitions.
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