Ivory Coast’s SIR Oil Refinery receives $660 million loan from AFC

By Anine Kilian, Contributing Editor

The development finance institution Africa Finance Corporation has closed a $660 million debt financing loan for Société Ivoirienne de Raffinage of Côte d’Ivoire (SIR), the largest in French-speaking oil refinery in West Africa.

The facility comprises a tranche with a 9-year maturity and a West African CFA franc tranche with a 7-year maturity and will provide a long-tenured facility and reduce the interest rate of SIR’s stock of debt.

SIR, which in 2018 reported a refining capacity of 3.8 million tons, has struggled with debt for years.

The long-term funding solution will assist in freeing resources that will enable SIR to make investments in its current operations and upgrade its facility and production processes.

Other banks involved in the loan include Deutsche Bank, ICBC Standard Bank, United Bank for Africa, NSIA Bank and Bridge Bank.