In addition to this, you need to know more about it.
Dakar (Senegal), May 20, 2021 - To support imports of oil products essential to the maintenance of economic activity in several countries in West Africa, IFC participated in financing two credit facilities, structured by Société Générale, for the benefit of Addax Energy SA
A $ 20 million loan from IFC, as part of a regional operation totaling $ 230 million, will help Addax finance the import of petroleum products into Benin, Côte d'Ivoire, Senegal and Sierra Leone as well as their distribution in Burkina Faso, Gambia, Guinea, Mali and Niger.
Another financing of 40 million dollars from IFC, as part of a second operation, also structured by Société Générale for Addax, will finance all imports and transport of petroleum products from Mauritania for the years 2021 and 2022 Addax is the business arm of Oryx Energies SA, one of the largest independent suppliers of oil and gas products and services in Africa.
The COVID-19 pandemic has severely disrupted global trade finance, in some cases causing supply difficulties in the energy sector. In this context, it is essential to facilitate access to finance for the various players in the energy value chain to meet the needs of businesses and consumers, in Africa and elsewhere in the world.
"We are happy and proud of the confidence and support given by IFC", declared Stephen Paris, administrative and financial director of Oryx Energies SA "Our facilities in West Africa and Mauritania play a key role in ensuring a competitive and regular supply of energy and petroleum products essential to our markets in the region. Thanks to the support of our banking partners, this financing made it possible to avoid any break in the energy supply chain, contributing to the resilience of West African economies during the pandemic. "
« Le dynamisme de l'activité économique repose sur un approvisionnement régulier en énergie. Le soutien d'IFC à ces deux facilités de crédit permettra aux entreprises et aux consommateurs d'Afrique de l'Ouest de disposer de carburant lorsqu'ils en ont besoin. Ces investissements arrivent aussi à point nommé alors que la région commence à se relever des graves conséquences économiques de la pandémie de COVID-19 », a souligné Aliou Maiga, directeur régional d'IFC pour l'Afrique de l'Ouest et centrale.
The loan to Mauritania complements initial funding of $ 35 million allocated last year by IFC as part of its $ 8 billion fast-track financing mechanism put in place to help its clients - and customers. thousands of small businesses they support - to overcome the upheavals caused by the pandemic.
This IFC financing also reflects the World Bank Group's strategy to step up its support in the Sahel, a region hard hit by the effects of the pandemic and also facing immense security challenges.
About IFC
The International Finance Corporation (IFC), a member of the World Bank Group, is the leading private sector-focused development institution in emerging markets. It is active in more than 100 countries and devotes its capital, skills and influence to creating markets and opportunities in developing countries. In FY2020, it invested $ 22 billion in private companies and financial institutions in developing countries, mobilizing the capacities of the private sector to end extreme poverty and promote shared prosperity. . For more information, visit www.ifc.org .
About Addax Energy SA
Addax Energy SA is the business arm of Oryx Energies SA, one of the largest and oldest independent suppliers of oil and gas products and services in Africa. Oryx Energies SA is a Swiss group, majority owned by the private investment group The Addax and Oryx Group PLC. Born from the merger of the trading activities and the downstream activities of AOG, Oryx Energies SA is now present in 17 countries in sub-Saharan Africa and has been ensuring the supply, storage and distribution of products for more than 30 years. oil and gas companies needed by individuals, businesses and maritime activities in sub-Saharan Africa.
To follow IFC news
www.facebook.com/IFCwbg
www.twitter.com/IFC_org
www.youtube.com/IFCvideocasts
www.ifc.org/SocialMediaIndex
www.instagram.com \ ifc_org
Contacts
Stay Informed
Sign up to have customizable news & updates sent to you.