Luanda - Four African companies on Friday in Durban, South Africa, signed a USD 1.2 billion financing agreement with the African Export-Import Bank (Afreximbank).
As well as the four companies, Afreximbank also signed a memorandum of understanding with the African Union Development Agency (AUDA-NEPAD).
One of the agreements signed was with Eroton Exploration and Production Company Limited (of Nigeria) a deal worth about US$750 million.
According to the bank, the line of credit was issued to Eroton to finance the acquisition of 100 per cent of shares in special purpose vehicles and oil mining lease.
The same will be for a secured reserve-based line of credit, and also to finance the prepayment of all Eroton's outstanding exposures with its existing lender, a situation that took two years to materialise.
Another company was Oakmill Group International which signed a USD 210 million project finance facility, while the USD 100 million commercial finance facility in favour of Harvest Group of Companies.
Another loan of USD 110.4 million was signed with Zimbabwe Electricity Transmission and Distribution Company (ZETDC).
