• Home
  • Radio
  • TV
  • Advertisement
  • Disclaimer
  • Public Notice
    • Opinion
  • New Africa Business News
  • Contact
  • Log In
facebook
    • News
    • Business
    • Video
    • Entertainment
    • Sport
    • Jobs
    • Government
    • Immigrants
    • Investment
    • Gallery
      • Animal
      • Africa Map
    • NGO
    BREAKING NEWS
    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
    Nigeria Launches National Domestic Payments Card Program
    In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States
    $30 Billion has been pledged by the African Development Bank and Development Partners to Finance Food and Farming in the Next Five Years
    $7.9 Billion in Exports glid in 2021 from the East African Community (EAC) Bloc to Africa amidst the Novel Corona Virus (COVID -19) Consequence
    President William Ruto of Kenya has Urged fellow African Rulers to address on Agribusiness beyond Production to Value Addition and Manufacturing
    Africa’s Economic Growth to Outpace Global Forecast in 2023-2024, AfDB Report
    Growers in Uganda to succeed from Nigeria’s AFEX’s Tech-Enable Products having expanding its Products Exchange Business in Nigeria’s AFEX from Kenya
    Nigeria Sets Quality Control and Assurance Laboratory for the Oil and Gas Industry
    Zimbabwe Records it’s Largest Wheat Production in 2022

    Rwanda Launches Historical Natural Gas Project to Transform the Industry’s Landscape

    Posted On 07 Sep 2022
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Richard Adorsu-

    Photo Credit: Afreximbank

    NEW AFRICA BUSINESS NEWS (NABN) Accra Ghana- Rwanda launched the GasMeth Compressed Natural Gas project in Lake Kivu. In attendance was delegates from the African Export-Import Bank (Afreximbank). The project, being developed by Gasmeth Energy Limited, has the capacity to rapidly transform the industrial and trade landscape of Rwanda and the broader East African sub-region.

    Afreximbank’s involvement in the project dates back to 2020, when the Bank approved a project preparation facility in favour of GasMeth Energy Limited. This facility crucial and its rapid progression to bankability. In addition, Afreximbank has been appointed as the project’s Mandated Lead Arranger and will lead the syndication of the debt
    finance estimated at more than US$300 million.

    Upon its completion, the GasMeth Compressed Natural Gas project will enhance the competitiveness of Rwanda across various sectors, as well as reinforcing the country’s energy security and reducing its exposure to external risks and volatility, while creating thousands of quality jobs.

    Moreover, the project constitutes a key element on Rwanda’s promotion of a just energy transition, in which air quality is improved and deforestation – accelerated by use of wood and charcoal as a cooking fuel – is drastically reduced. Fundamentally, this project will assist Rwanda and the wider sub-region to capitalize on the opportunities arising from the African Continental Free Trade Area.

    Mr. Kudakwashe Matereke, Afreximbank Regional Chief Operating Officer for East Africa, commented: “We are delighted to have contributed to the ongoing development of this pivotal infrastructure project – which promises benefits not only to Rwanda but to its sovereign neighbours, stimulating as it does the indsutrialisation of the region whilst helping to reduce Rwanda’s carbon emissions. The Bank looks forward to syndicating the debt finance as the
    company moves into the project implementation stage.”

    Responding to the development, Mrs. Kanayo Awani, Executive Vice President, Intra-Africa Trade Bank at Afreximbank commented: “The success of Afreximbank’s involvement in this process demonstrates how the Bank’s Project Preparation Facility can be deployed to support projects in both the public and private sectors in member countries, and cultivate private sector interest in ventures which serve to advance the economic and social infrastructure of the African countries.”

    Mr. Stephen Tierney, Group CEO GasMeth, commented: “We would like to thank our financing partners, gas customers, contractors and our Karongi community hosts for attending the groundbreaking ceremony. We are delighted the day turned out a success and has continued to receive such strong support from all areas within the Government of Rwanda. We look forward to working closely with our main partner Afreximbank in the coming weeks to transition this project into construction and bring it to reality. Our belief in delivering this project and the
    transformational, economic, environmental and social benefits has never been stronger.”

     

    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

    About the Author
    New Africa Business News Staff Correspondent
    • google-share
    Previous Story

    Kenyan Plant Health Regulatory Agency Dialogues with its Partners in Malaysia to Attain a Wider Global Market

    Next Story

    British Prime Minister Liz Truss Appointed Kwasi Kwarteng as Britain’s First Black Finance Minister and James Cleverly as the First Black Foreign Minister

    Leave a Reply Cancel reply

    *
    *

    Members Area

    • Members Log In

    RECENT

    POPULAR

    COMMENTS

    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa's established Broadband Coverage by 2030

    Posted On 03 Feb 2023

    Nigeria Launches National Domestic Payments Card Program

    Posted On 02 Feb 2023

    In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States

    Posted On 01 Feb 2023

    New Africa Business News 2022-2023 Person of The Year Goes to Professor Patrick Loch Otieno Lumumba (PLO Lumumba)

    Posted On 05 Jan 2023

    New Africa Business News, Person of the Year 2021-2022, Goes to African Women

    Posted On 29 Jan 2022

    New Africa Business News Award Medalist of Excellence as Africa's President of the Year 2020-2021 meets the Heads of his Ancestors on March 17th, 2021 Samia Suluhu Hassan divulged

    Posted On 20 Mar 2021

    Thanks for reading, Africa’s fastest...

    Posted On 21 Jan 2023

    Thanks for reading, Africa’s fastest...

    Posted On 21 Jan 2023

    Thanks for reading, Africa’s fastest...

    Posted On 21 Jan 2023

    Facebook

    Latest Posts

    $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa's established Broadband Coverage by 2030

    Nigeria Launches National Domestic Payments Card Program

    In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States

    Recent Posts

    • $100 Billion in Investment is needle for the Modernization and Harmonization of Regulatory Framework to boost Africa’s established Broadband Coverage by 2030
    • Nigeria Launches National Domestic Payments Card Program
    • In Guinea-Bissau, ECOWAS Parliament held a 3 Day Seminar on the Adoption of a Single Currency for Member African States
    • $30 Billion has been pledged by the African Development Bank and Development Partners to Finance Food and Farming in the Next Five Years
    • $7.9 Billion in Exports glid in 2021 from the East African Community (EAC) Bloc to Africa amidst the Novel Corona Virus (COVID -19) Consequence

    Categories

    • Business
    • Education
    • Entertainment
    • Featured
    • Government
    • Immigrants
    • Investment
    • News
    • NGO
    • Obituary
    • Opinion
    • Public Notice
    • Sport
    • Video

    Tag Cloud

    african economy business africa

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.