PARAMARIBO, SURINAME – The African Export-Import Bank (Afreximbank) wants to be a long-term financial partner for small and medium-sized enterprises (SMEs) in Suriname, especially as the country enters a new phase of development driven by its oil and gas sector.
Speaking at the Suriname Energy Oil and Gas Summit in Paramaribo, Afreximbank Chief Operating Officer Okechukwu Ihejirika said, “This is indeed a new dawn for the country,” as he highlighted the massive opportunities ahead.”
He said Afreximbank views Suriname’s economic rise “not just as a promise to prosperity for the Surinamese people, but also a powerful opportunity for us to deepen intra-regional cooperation between Africa and the Caribbean.”
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Ihejirika recalled the country’s rapid turnaround from debt and default just a few years ago. “Who would have believed that a country… grappling with huge debt burden… will turn things around so rapidly?” he asked. “Today we are discussing this because we can see the clear blue sky of opportunities.”
He stressed the importance of turning these opportunities into long-term benefits for Suriname through local value creation, skills development, and institutional strengthening. “A lot of work needs to be done to build the right foundations…and ensure inclusive participation.”
Ihejirika acknowledged the challenges that come with attracting investment in fossil fuel development amid global climate concerns. He pointed out Suriname’s unique position as a net carbon-zero country already experiencing the effects of climate change, including coastal erosion and flooding. Despite this, he said the country’s progress is a “story of resilience, patriotism, and ultimate belief in a just cause.”
He praised local oil company Staatsolie and its partners for securing US$1.6 billion in financing for the development of Block 58.
“You refused to give in to the pressure,” he said. Afreximbank, he revealed, led two other international banks to raise US$500 million as part of the financing package, an achievement for its newly opened Caribbean office in Barbados.
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He described the investment as the first of many, underscoring Afreximbank’s long-term interest. “The assurance we’re giving today is that we will continue to work assiduously to turn challenges into financeable opportunities,” he said.
Ihejirika made clear that Afreximbank is not only looking at large-scale projects. “We are fully aware of the enormous amount of capital required to bring to reality opportunities in the oil and gas sector for the full benefit of the Surinamese people,” he said. “That is why we are here to walk with you every step of the way.”
