Afreximbank Launches $3 Billion Credit Line to Boost Fuel Access in Africa and the Caribbean

The African Export-Import Bank (Afreximbank) has introduced a $3 billion revolving credit facility to help African and Caribbean nations secure refined petroleum products like petrol, diesel, and jet fuel.

This initiative is expected to support fuel trade worth up to $14 billion over the next three years. It aims to reduce the region’s heavy dependence on foreign fuel imports and cut down a yearly import bill estimated at $30 billion.

In a move to strengthen regional trade, the facility will prioritize sourcing fuel from African refineries. This aligns with the goals of the African Continental Free Trade Area (AfCFTA), which promotes trade and industrial growth within the continent.

As part of the program, Afreximbank is also backing a new trading company called Atmin (Africa Trading Minerals), formed by former Shell oil traders. Atmin will focus on trading African crude oil and other energy products, boosting local trade networks.

With this move, Afreximbank is taking a major step toward enhancing energy security, encouraging local sourcing, and deepening economic ties across Africa and the Caribbean.