Afreximbank backs LNG distribution in west Africa

The Africa Export-Import Bank (Afreximbank) has invested in an infrastructure platform for distributing LNG in west Africa, the financier said on February 3.

The investment was made by Afreximbank's subsidiary Fund for Export Development (FEDA) in Africa in Ecow-Gas, which is working with a major international oil company on distributing LNG in the area. LNG provides an off-grid power solution for African industry that can replace dirtier fuels currently in use, Afreximbank said.

"FEDA's investment in Ecow-Gas is a testament to its mission of providing development equity capital to sectors critical to the growth and development of intra-African trade, export development and industrialisation," Afreximbank's president Benedict Oramah said. "Through this investment, FEDA is seeking to unlock access to affordable and cleaner energy for industrialisation purposes and to significantly impact intra-regional trade, especially in the West Africa region."