The annual seminar on trade finance, organised by the African Export-Import Bank (Afreximbank), was held from 5 to 7 November 2024 in Windhoek, bringing together key players from the African financial sector under the theme "Promoting African trade in a world of digital solutions". One of the event's sponsors, Bank Windhoek, stood out for its commitment to supporting the sustainable financing of oil and gas projects, a fast-growing sector in Namibia.
Speaking at a panel discussion on the final day of the event, Gideon Vos, Head of Investment Banking at Bank Windhoek, stressed the importance of strengthening local participation in the development of the oil and gas sector. Speaking on the theme of "Supporting the financing of oil and gas projects in Africa: a case for new discoveries in Namibia", Vos highlighted the opportunities offered by the sector for Namibian service providers.
"Our main objective is to empower local businesses and integrate them into the oil and gas ecosystem. This will generate wealth and create economic opportunities for local communities," he said. Bank Windhoek is positioning itself as a key player in local capacity development, taking a proactive approach to encouraging local procurement and supporting small and medium-sized enterprises in the sector.
Vos also stressed the need for local and regional banks to work together to ensure the harmonious and compliant development of the sector. "Banks need to work together to offer structured financing while respecting the legislative frameworks that govern decisions in this strategic area," he added.
The sustainable financing of oil and gas projects depends on rigorous structuring. Idissa Diop, Compliance Director at Afreximbank, said that financial institutions scrutinise each project before approving financing. "Project owners must ensure that all requirements are met and understand the processes involved in obtaining financing," he said.
For over 30 years, Cairo-based Afreximbank has supported intra- and extra-African trade through innovative financing solutions. Working with institutions such as Bank Windhoek, it plays a key role in the continent's economic transformation.
The seminar highlighted the challenges and opportunities facing the oil and gas sector in Africa, while reaffirming Bank Windhoek's commitment to promoting inclusive and sustainable growth for Namibia.