• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, August 12, 2022
Leadership News
Read in Hausa
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
Leadership News
No Result
View All Result
Home News Business

Afreximbank Signs Project Preparation Financing With UTM Offshore

by Mark Itsibor
1 month ago
in Business, News
0
Afreximbank

Afreximbank

Share on WhatsAppShare on FacebookShare on TwitterTelegram

African Export-Import Bank (Afreximbank) has announced its execution of a project preparation facility financing head of terms with UTM Offshore Limited (UTM), under which the bank will part-finance activities designed to progress a Floating Liquefied Natural Gas (FNLG) project in Nigeria to bankability.

 

The deal marks Afreximbank’s ongoing support in leading UTM’s fundraising efforts to secure the necessary investment required for the projects’ implementation. This project is of historical significance as it is the first FNLG project developed by an African-owned company on the continent, Afreximbank said in a statement yesterday.

 

UTM is undertaking the development, design, and construction of an FLNG facility with a Liquified Natural Gas (LNG) nameplate production capacity of 1.2 million metric ton per annum and a storage capacity of 200,000 cubic meters, as well as ancillary facilities to be located 60km from the shore of Akwa Ibom State, Nigeria.

 

Afreximbank said the project aligns with Afreximbank’s strategic aim of advancing activities which boast strong climate finance credentials. The project would pave the way for a just energy transition in line with the reduction of carbon emissions as prescribed at COP26.

RELATED

Ekweremadu

Why Federal Govt Won’t Interfere In Ekweremadu’s Case –AGF

1 min ago
Best Movie Scores Of 2022

Best Movie Scores Of 2022

3 mins ago

 

Afreximbank said the project has economically transformative potential – establishing trade-enabling infrastructure which will allow Nigeria to pivot from a crude oil export-based economy to a gas-based processing industrial economy in turn unlocking significant development impacts.

 

To advance the timely implementation of the project, Afreximbank is leveraging its diverse product suite to provide end-to-end solutions. During the pre-investment stage, the project preparation facility will be deployed to de-risk the project and rapidly progress it towards bankability.

 

In addition, under the PPF, the Bank will be appointed as mandated lead arranger (MLA) and lead in syndicating the debt raise – with the ability to incorporate credit enhancements, if required. Through its Financial Advisory Mandate, Afreximbank has been playing an instrumental role in structuring the transaction to ensure optimal returns and debt sizing, as well as identifying equity investors to invest in the project on favorable terms.

 

Afreximbank executive President in charge of business development and corporate banking, Mr Amr Kamel said “The intervention by Afreximbank will help, Nigeria, one of its member states, to invest in natural gas as part of its pathway towards a just energy transition and achieve a more sustainable and climate resilient economic development.

 

“The holistic approach deployed by the Bank in the UTM project is a model that Afreximbank aims to replicate across its member countries. It is through such interventions that we can ignite transformative actions that will spur industrialization and export development activities across the continent”.


7 Incredible Health Benefits Of Strawberries And Why You Should Eat More... Click Here For Details

Tags: Afreximbank
SendShareTweetShare
Previous Post

Experts Charge African Insurers On Risk Retention, Opportunities

Next Post

Customs Intercepts Contraband Goods Worth N236m In Kaduna

ANOTHER GOOD READ

Ekweremadu
News

Why Federal Govt Won’t Interfere In Ekweremadu’s Case –AGF

1 min ago
Best Movie Scores Of 2022
Entertainment

Best Movie Scores Of 2022

3 mins ago
Kenyan Election: It’s Still Photo Finish For Odinga, Ruto
News

Anxious Kenyans Await Next President After Tight Vote

14 mins ago
Kaduna Remits Entitlements Of 383 Pensioners
News

Terrorists Creating Parallel Government In Kaduna – El-Rufai

17 mins ago
Akeredolu, Malami Differ On Restructuring, State Police
News

Governors Can’t Stop $418m Paris Club Payment To Consultants – Malami

20 mins ago
Tinubu: Igbo Group Organises Tour
News

Tinubu: Igbo Group Organises Tour

3 hours ago
Next Post
Customs

Customs Intercepts Contraband Goods Worth N236m In Kaduna

LATEST UPDATES

Ekweremadu

Why Federal Govt Won’t Interfere In Ekweremadu’s Case –AGF

August 12, 2022
Best Movie Scores Of 2022

Best Movie Scores Of 2022

August 12, 2022
Ekiti Election: IGP Deploys DIG, 4 AIGs, 4 Helicopters

[EDITORIAL] Police Character Certificate Fee

August 12, 2022
Kenyan Election: It’s Still Photo Finish For Odinga, Ruto

Anxious Kenyans Await Next President After Tight Vote

August 12, 2022
Kaduna Remits Entitlements Of 383 Pensioners

Terrorists Creating Parallel Government In Kaduna – El-Rufai

August 12, 2022
Akeredolu, Malami Differ On Restructuring, State Police

Governors Can’t Stop $418m Paris Club Payment To Consultants – Malami

August 12, 2022
Tinubu: Igbo Group Organises Tour

Tinubu: Igbo Group Organises Tour

August 11, 2022
JUST-IN: Fire Incident At National Assembly Complex 

JUST-IN: Fire Incident At National Assembly Complex 

August 11, 2022

© 2022 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast

© 2022 Leadership Media Group - All Rights Reserved.