IFC’s USD 20 million investment in a USD 230 million facility will help Addax finance imports of refined petroleum products into Benin, Côte d’Ivoire, Senegal, and Sierra Leone and distribute the products in Burkina Faso, the Gambia, Guinea, Mali, and Niger.
An IFC investment of USD 40 million in a second facility also arranged by Société Générale for Addax, will finance the entirety of Mauritania’s imports of fuel and transport petroleum in 2021 and 2022. Addax is the trading arms of Oryx Energies SA, one of Africa's largest independent providers of oil and gas products and services.
Disruptions in global trade finance caused by the COVID-19 pandemic are hampering the efficient and timely delivery of petroleum and other energy products. Increasing access to finance for stakeholders in the energy value chain is, therefore, critical to helping meet the acute energy needs of businesses and consumers in Africa and elsewhere.
The Mauritania investment is an extension of an initial USD 35 million funding that was provided in 2020 as part of IFC’s USD 8 billion COVID-19 fast-track financing support package, designed to help client companies—and the thousands of smaller businesses they support—weather COVID-19-related disruptions.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now