Afreximbank is close to approving credit for several Guyanese companies across the energy, banking and manufacturing sectors, a move that could soon unlock disbursements under its landmark US$1 billion oil services financing facility.
Speaking with the News Room’s Kurt Campbell on the sidelines of the Intra-African Trade Fair (IATF) in Algiers on Sunday, Head of Afreximbank’s Caribbean Office, Mr Okechukwu Ihejirika, confirmed that discussions with local firms have moved beyond the exploratory stage.
“We’ve had conversations with not just one, but a couple of Guyanese companies — the banking industry, in the manufacturing space and those who provide services to the oil and gas sector,” Ihejirika disclosed.
“Conversation has advanced. In fact, we are approaching credit approval for a few of them right now so that we can begin the process of disbursement.”
The development represents one of the clearest signals yet that the financing facility, announced in February 2025 and reinforced during Afreximbank’s inaugural Caribbean roadshow in Georgetown in May, is translating into real opportunities for local businesses.
Afreximbank’s US$1 billion initiative targets firms engaged in oil services, mining and other trade-related activities essential to Guyana’s rapidly expanding economy. By providing access to capital, the facility seeks to ensure local firms are not crowded out by larger, foreign players in the oil and gas sector.
“Without local capacity, the value of Guyana’s resources is externalised,” Ihejirika cautioned earlier this year. “We want the benefits to stay home, to raise technical competence and build economic resilience.”
Already, companies have indicated that the facility is emboldening them to bid for contracts they previously thought were beyond reach. According to Ihejirika, local firms are now able to realistically compete for deals valued at US$5 million and above.
Finance Minister Dr Ashni Singh had lauded the initiative as both “timely and transformational,” aligning squarely with Guyana’s local content ambitions.
While Afreximbank’s direct support is geared toward large-scale transactions, the bank is also structuring “on-lending” arrangements with domestic financial institutions, allowing smaller firms to benefit indirectly.
“We don’t aim to compete with local banks, we complement them,” Ihejirika explained.
Crucially, projects under the facility do not need to involve trade with Africa to qualify. “Once it touches Guyana, we’re in,” Ihejirika affirmed. “Guyana is now a partner-member of the Bank. That means it operates with the same privileges as African nations.”
The financing drive is part of Afreximbank’s broader mandate to deepen Africa-Caribbean trade relations. Twelve CARICOM nations are now members of the Bank, with its regional office in Bridgetown, Barbados, serving as a hub for expanding partnerships.
“This is not just a promise, it’s about delivery,” Ihejirika stressed. “We’ve been charged by ministers not to just talk, but to act. And we will.”
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