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$1.2 Billion Financing undertakings has been endorsed by the African Export- Import Bank (Afreximbank) with quadruple African firms and a MoU with African Union Development Agency (AUDA-NEPAD)
Posted On 20 Nov 2021
By Abdul Rahman Bangura–
Photo Credit: African Export- Import Bank (Afreximbank)
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone – An analysis of the pacts, was completed in every facet in Durban, South Africa, implied that $750 million agreement was approved in the name of Eroton Exploration and Production Company Limited.
According to the bank, the facility was allocated to Eroton to subsidize the accession of 100% of the shares into particular purpose vehicles, oil mining lease, under secured reserve based lending facility, and similarly to finance the prepayment of all of Eroton’s excellent acknowledgments with its existing lender. This has taken two years to come to culmination.
Moreover, analysis of the deal exhibited that Oakmill Group International endorsed $210 million project finance facility while $100 million trade finance facility was in endorsement of Harvest Group of Companies. Besides, $110.4 million syndicated term loan facility was ratified in acceptance of Zimbabwe Electricity Transmission and
Distribution Company (ZETDC).
Chairman of Eroton, Onajite Okoloko at the ceremony noted: “It is really a pleasure being here especially for this transaction. We have worked with Afreximbank for almost two years. “This is a big milestone for us and it would help Eroton in its expansion programme and enable it monetized oil and gas assets, reserves that exists in Nigeria.
“This is a big day for us. And we are really excited that this transaction is finally coming to a close. I want to thank you all for being to witness this and celebrate with us as we sign this particular deal,” he explained.
Global Head Client Relations, Afreximbank, Rene Awambeng, let out “Today the main stage of IATF 2021, Afreximbank is signing a project finance facility and trade finance facilities for Oakmill Group of companies.
“Afreximbank is active in leading all participating banks in the past decade in financing infrastructure projects across Africa. In this capacity, Afreximbank will be issuing a non– binding letter of interest to Oakmill Group International and Harvesting Group of companies to provide project financing with respect to the proposed construction and
commissioning of 300 million liters refined petroleum products storage facilities in Zambia”.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent
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