The Fund for the Development of Exports in Africa (Feda), a subsidiary of Afreximbank, wants to encourage industries to reduce CO2 emissions by using Liquefied Natural Gas (LNG) in the West African region. He announced, this Thursday, February 3, that he had invested in Ecow-Gas, an LNG distribution infrastructure platform to promote this material.
“We are delighted to partner with experienced operators and investors on this critical opportunity to unlock the supply of cheaper and cleaner fuel in West Africa. The complementary skills and capabilities combined within the stakeholders of the Ecow-Gas platform will enable the company to execute its growth plans,” said Emmanuel Assiak, Acting Chief Executive Officer of Feda.
Focusing on the development impact of the African Export-Import Bank (Afreximbank), this entity reports that it has seen a limited supply of grid electricity in the industrial sector in Africa including severe energy shortages and costs high production. “Off-grid solutions are needed to address these challenges and put Africa firmly on the path to energy sustainability,” Feda said. According to its CEO, Kwaku Boakye-Adjei, “LNG is seen not only as a fuel for large-scale independent power producers in the region, but also for medium to small-scale industries.”
For Benedict Oramah, Chairman of Afreximbank, this investment by Feda in Ecow-Gas demonstrates its mission to provide development capital to sectors essential for the growth and development of intra-African trade, export development and industrialization.
