Stanbic Bank driving investment in East Africa’s Oil & Gas Sector
DAR ES SALAAM: Stanbic Bank has been instrumental in financing key oil and gas projects across East Africa, reinforcing its commitment to the region’s energy sector.
The bank has played a significant role in the East African Crude Oil Pipeline (EACOP) and its value chain in Uganda and Tanzania, ensuring access to capital for critical infrastructure.
Additionally, Stanbic was the only African bank at financial close for the Coral Floating Liquefied Natural Gas (FLNG) project in Mozambique, acting as a Commercial Mandated Lead Arranger (MLA).
The bank also played a crucial role in the Mozambique LNG project, serving as an ECIC Adviser, ECIC MLA, commercial MLA, onshore account bank, and security trustee, making it the largest single bank by exposure.
South Africa, Stanbic has supported the ROMPCO pipeline through multiple financing rounds, including initial funding, refinancing advisory, and acquisition financing.
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Speaking on Stanbic’s commitment to financing the region’s energy sector, Manzi Rwegasira, CEO of Stanbic Bank Tanzania, stated, “We recognize the immense potential of East Africa’s oil and gas industry and remain committed to financing projects that drive economic growth while adhering to global environmental standards.
approach prioritizes sustainable financing, ensuring that projects align with low-carbon strategies to reduce emissions.” He further emphasized the bank’s innovative financial solutions, adding, “We are actively supporting the industry through project finance, Export Credit Agency (ECA) financing, Reserve-Based Lending, and capital markets solutions.
Risk mitigation is also a key focus, with stringent due diligence on environmental and social factors, ensuring compliance with IFC and World Bank guidelines.” With a strong track record in structuring complex financing solutions and fostering strategic partnerships, Stanbic Bank continues to be a key player in driving sustainable investment in East Africa’s energy landscape.
