African Export-Import Bank (Afreximbank) has approved a US$200 million financing facility to support the Hassi Bir Rekaiz (HBR) Field Phase 2a energy project in Algeria, reinforcing its commitment to financing African-led infrastructure and expanding intra-African trade.
Approved in June 2026, the facility will provide funding to Shoreline Power Company Limited, Arkad SpA and other co-borrowers, supporting Arkad’s 44 percent share of a US$980 million engineering, procurement and construction (EPC) contract awarded by Groupement Hassi Bir Rekaiz.
The financing package includes a US$110 million contract finance facility to support project guarantees and working capital, alongside a US$90 million revolving facility to finance pipeline and infrastructure projects in Nigeria and other approved markets.
The HBR Phase 2a project will significantly increase production capacity from approximately 13,000 barrels per day to between 50,000 and 60,000 barrels per day while creating an estimated 6,000 jobs and strengthening regional supply chains.
Structured under Afreximbank’s EPC Initiative, the transaction marks the first time the bank has supported a Sub-Saharan African contractor executing a major infrastructure project in North Africa, highlighting growing collaboration across Africa’s engineering, construction and energy sectors.
