Congo has signed a facility agreement with Afreximbank under which the Bank will provide $250m in future flow pre-financing to meet Brazzaville’s strategic plan for its oil fields, Africa News reported.

Afreximbank’s President, Benedict Oramah, said that the facility was part of a $1b syndicated loan commitment which the government had mandated Afreximbank to raise for the country to enable it to cater for capital investment financing requirements for oil production increases, and to also finance trade-related investments in the oil and gas sector, BizNis Africa informed.

According to Oramah, the new facility is expected to have significant development impact on the Republic of Congo by supporting the government to finance and expand upstream oil production activities, expand oil exports and improve foreign exchange earnings, support productive activities to help it diversify away from oil, and create jobs and improve the people’s living conditions.

Afreximbank’s President, Benedict Oramah, Republic of Congo’s Minister of Finance, Calixte Ganongo, and Republic of Congo’s Ambassador in Egypt, Raphael Malonga, signed the facility agreement in Cairo.