Afreximbank Launches 3 Billion USD Revolving Intra-African Oil Import Financing Program

Addis Ababa, April 29, 2025 (ENA) – African Export-Import Bank (Afreximbank) has launched a US 3 billion USD Revolving Intra-African Oil Trade Financing Program to finance the purchase of refined petroleum products by African and Caribbean oil buyers.

The objective of the program is to address Africa’s persistent reliance on imported refined petroleum products, which accounted for an amount of 30 billion USD annually in petroleum import costs due to inadequate refining.

As a revolving facility, it is expected to finance about 10 billion USD to 14 billion USD of Intra-African petroleum imports.

This program seeks to leverage the growing refining capacity that Afreximbank has helped establish across the continent, while aligning with the objectives of the African Continental Free Trade Area (AfCFTA) agreement, which includes facilitating intra-African trade, promoting industrialisation, and creating jobs on the continent.

By deploying innovative trade finance and supply chain solutions tailored to key stakeholders’ needs in terms of tenure, price format and logistics requirements, this initiative supports Afreximbank’s strategic goals of advancing energy security, strengthening regional value chains, and fostering economic resilience within the continent and the Caribbean.

Key products to be traded under the programme are refined petroleum products including but not limited to Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Heavy Fuel Oil (HFO), Jet Fuel, and Kerosene. The eligible exporters are refineries operating in Africa.

The African Export-Import Bank (Afreximbank) is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.

The Bank was established in October 1993 by African governments, African private and institutional investors, and non-African investors.