On the sidelines of the Intra-African Trade Fair (IATF2023) Conference held in Cairo, Mr. Aboubaker Omar Hadi, Chairman of Djibouti Ports and Free Zones Authority (DPFZA), and Mr. Abdi Ismail Kahin, CEO of Red Sea Bunkering signed a $25 million trade finance agreement and a $10 million working capital agreement with Afreximbank, all without sovereign guarantee.
The objective of this financing is to simplify the importation of refined petroleum products into Djibouti from foreign suppliers. This importation is intended to meet the demand of ship owners and suppliers requiring bunkering services offshore and in ports in Djibouti. The amount provided will enable Red Sea Bunkering to meet its trade finance needs, while facilitating the expansion of its bunkering services for ships and large vessels traversing one of the main maritime trade corridors in the Horn of Africa, along the coast of Djibouti.
Red Sea Bunkering’s mission is to supply fuel to international vessels in the Red Sea and Indian Ocean.
