Afreximbank approves $200m facility for Nigeria’s Shoreline Power

The African Export-Import Bank (Afreximbank) has approved a $200 million financing facility for Nigeria's Shoreline Power Company Limited, a move set to significantly boost Nigerian engineering expertise and cross-border investment in Africa. The facility will support the execution of a major oil and gas infrastructure project in Algeria.

The financing, approved in June 2026, enables Shoreline Group, through its majority-owned Italian engineering subsidiary Arkad SpA, to undertake its share of the $980 million Hassi Bir Rekaiz (HBR) Field Development Phase 2a project in Algeria. Arkad holds a 44 percent stake in the engineering, procurement, and construction (EPC) contract awarded by Groupement Hassi Bir Rekaiz (GHBR), a joint venture involving Algeria's Sonatrach, Thailand's PTTEP, and Spain's CEPSA.

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This transaction exemplifies our EPC Initiative and our Intra-African Trade Champions framework in action, enabling an African-owned engineering group to compete and deliver at the highest levels of global project execution.

The package includes a $110 million contract finance facility for performance guarantees, advance payment guarantees, and working capital for the HBR project. Additionally, a $90 million revolving global facility will finance Shoreline Group and its affiliates in bidding for and executing pipeline and infrastructure projects in Nigeria and other approved jurisdictions. Afreximbank highlighted that the HBR Phase 2a project involves constructing a new central processing facility, aiming to increase production from the Hassi Bir Rekaiz field from approximately 13,000 barrels per day to between 50,000 and 60,000 barrels per day.

This development is expected to significantly boost Algeria's oil and gas output and export earnings. The project is also projected to create about 6,000 jobs, strengthen regional supply chains, and enhance the capacity of African engineering firms for large-scale infrastructure projects. Mrs. Kanayo Awani, Executive Vice President at Afreximbank, described the deal as a milestone, stating it exemplifies the bank's EPC Initiative and Intra-African Trade Champions framework, enabling an African-owned engineering group to compete globally. She added that the financing supports Algeria's energy infrastructure development and advances intra-African trade in high-value engineering and construction services among Nigeria, Italy, and Egypt.

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By providing the $200 million in structured financing, we are not only supporting Algeria’s national energy infrastructure development but also advancing intra-African trade in high-value engineering and construction services among Nigeria, Italy and Egypt.