Barclays Bank Kenya finances oil rigs for Kenyan projects

barclaysThe bank will also be required to arrange and execute the oil explorer’s five year financing plan. (Image source: Barclays)Barclays Bank Kenya has announced that it has extended a US$13mn loan to an exploration company to help it buy rigs for its operations in the East African country

Under the deal, the bank will also be required to arrange and execute Marriott Drilling Africa Limited’s five year financing plan.

Jonathan Hobday, managing director of Marriott Drilling Africa Limited, said, “This marks the start of a new era for us in East Africa. We believe that banks have a responsibility to assist companies like Marriott Drilling in the development of oil resources in Kenya and elsewhere in East Africa. This financing agreement with Barclays is a catalyst to spur our business.”

Jeremy Awori, Barclays Bank Kenya’s managing director, added that the institution wants to get the confidence of the market as the ideal asset financing bank through showcasing its capabilities.

“Signing a financing agreement of this value reflects the ability and commitment of Barclays to shoulder its responsibilities in financing the projects of leading companies, which have a clear strategy. It is also aligned to our strategy of making Barclays the ‘go-to’ bank for asset financing solutions in the market,” Awori added.

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