On the sidelines of the Intra-African Trade Fair of Cairo and facilitated by Cedrus Group Africa, the signing of a historic memorandum of understanding. The agreement was signed between the African Export-Import Bank ((Afreximbank) style="font-size:14.0pt; line-height: 107%; font-family: “Bookman Old Style”, serif; mso-bidi-font-family:arial">And the Fund intermediate gas infrastructure. 14.0pt; line-height: 107%; font-family: "Bookman Old Style”, serif"> Helen

Brume style="font-size:14.0pt; font-family: "Bookman Old Style”, serif ; mso-bidi-font-family: arial">from Afreximbank Old Style”, serif; Mso-bidi-font-family:arial">and Oluwole Adama from MDGIF signed on behalf of their respective institutions. The agreement aims to 14.0pt; font-family: "Bookman Old Style”, serif; mso-bidi-font-family:arial"> mobilize up to $500 million for projects critical gas infrastructure. It provides for a fund raising plan on four years to support intermediate and downstream projects. In the frame of this agreement,Afreximbank style="font-size:14.0pt; font-family: "Bookman Old Style”, serif; mso-bidi-font-family:arial">will also provide risk guarantees of credit to encourage investments in gas development local. The two institutions will set up a mechanism for the preparation of capacity building projects and programs in order to consolidate technical expertise and to guarantee the financial closure of projects bankable.

“Thanks to this partnership, we are paving the way for mobilizing up to $500 million over the next four years for Nigeria's gas infrastructure,” said the minister Nigerian State in charge of Petroleum Resources (Gas), Ekperikpe Ekpo. font-family: "Bookman Old Style”, serif; mso-bidi-font-family:arial"> “More importantly, we're creating a pipeline of bankable projects, supported by feasibility studies, preparation of project and risk-sharing mechanisms, which will accelerate the pace of investments in pipelines, processing plants, LNG and other essential infrastructures.” he said.

According to the partners, these measures aim to accelerate the implementation of viable projects, to attract investments from private sector, to increase the use of gas, to reduce flaring and to create jobs. The initiative is also part of the program President Bola's economic Tinubu , who positions the gas industry as a catalyst for industrialization and sustainable growth.

This new agreement also reinforces Nigeria's commitment to ending flaring systematic use of gas by 2030, in accordance with global agreements on the climate.