PARAMARIBO, SURINAME – African Export-Import Bank (Afreximbank) will partner with the Government of Suriname to establish a US$5 billion local content facility aimed at strengthening the country’s oil and gas sector and wider economy.
The announcement was made Tuesday during the Suriname Energy, Oil & Gas Summit (SEOGS) by Kanayo Awani, Executive Vice President of the African Export-Import Bank.
“In addition to the historic financing arrangement that we made, the bank will collaborate with the government of Suriname to establish a 5 billion local content facility as well as provide advisory services,” Awani said.
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The initiative is expected to fund infrastructure projects, build technical capacity, and support local businesses as Suriname prepares for a significant ramp-up in offshore oil development. According to Awani, the facility will also provide advisory services to support the creation of local content laws and policies, ensuring broader participation of Surinamese companies in the oil and gas value chain.
Awani cited Nigeria’s experience with local content as an example, where similar policies have reportedly added over $5 billion annually to GDP through increased domestic participation in energy services and manufacturing. She suggested Suriname has the potential to replicate that success if it channels its oil wealth strategically.
The announcement was framed within a broader discussion on sustainable resource development, where Awani emphasized the bank’s commitment to mobilizing global investment into strategic sectors. She cited the recent arrangement of $1.6 billion in financing for Suriname’s state oil company as a milestone in the evolving partnership between Africa and the Caribbean.
It is not yet clear how the $5 billion facility will be financed or managed, and further details are expected following consultations between Afreximbank and Surinamese authorities. However, the size of the proposed commitment signals a significant vote of confidence in the country’s energy future.
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As Suriname moves closer to first oil, the scope and execution of its local content strategy will likely become a defining issue in how the sector shapes the country’s economy.
