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On Thursday, the African Export-Import Bank (Afreximbank) announced an additional disbursement of $925 million under the syndicated $3.3 billion crude oil-backed prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPC).

This latest disbursement for Project Gazelle Funding Limited raises the total current funded facility size to $3.175 billion.

Arranged and coordinated by Afreximbank, the accordion arrangement secured $925 million from a consortium of crude oil off-taker lenders, including the Oando Group and Sahara Energy Resource Limited.

In a statement posted on its website, the bank noted, “Afreximbank acted as Mandated Lead Arranger, Technical and Modelling Bank, Bookrunner, Facility Agent, Offshore Account Bank, Intercreditor Agent, and Collateral Agent for the transaction. This facility is expected to support Nigeria’s macroeconomic stability, long-term economic growth, and enhance the country’s industrialization and trade development efforts.”

This announcement follows the success of the first accordion tranche of the $3.3 billion facility. In December 2023, the project received funded commitments totaling $2.25 billion.