Written on September 26, 2022
(BADEA) board has approved a $50 million Fuel

The Arab Bank for Economic Development in Africa (BADEA) board has approved a $50million Fuel financing revolving facility for NOCMA.

NOCMA will use the first tranche of $50m towards immediate procurement of fuel product towards replenishment of the strategic fuel reserves stocks once all the relevant paperwork is finalized.

This fuel financing facility agreement is between NOCMA and BADEA with Government as a guarantor through the Ministry of Finance. This means NOCMA will be fully responsible in directly servicing the facility.

This will allow NOCMA to channel some of the financing sourced from local banks towards addressing the current fuel shortages in the Country.

Approximately $28million will go directly towards daily fuel requirements, as the company works to address the fuel supply shortages recently experienced in the Country.

Operations towards restoring the fuel supply situation in the country are already underway.

High volumes of fuel product are entering the country on a daily basis, which has seen reduced queues at filling stations across the country.

Related News

Stock availability Despite Fuel Crisis

"There is availability of stocks in the country's strategic fuel reserves and we are importing more despite challenges that have undermined our importation capacity like forex shortages among other reasons. By close of business today, the situation will greatly...

NOCMA Attends MDF Sports Festival

National Oil Company of Malawi NOCMA has today joined over 850 soldiers from across the country who are competing in 24 sports disciplines at this year’s Malawi Defense Force MDF Sports Festival at Malawi Armed Defense Forces College MAFCO in Salima.Speaking when he...

NOCMA rolls out annual safety awards

…as Lilongwe Depot scoops ‘safest depot’ awardLilongwe Depot was Friday, August 7th awarded for emerging the safest of NOCMA’s depots in the company’s inaugural annual safety awards. NOCMA has three depots – Lilongwe in the central region, Blantyre in the south and...


Minister of Energy Newton Kambala says he is impressed with what Government owned company NOCMA is doing in the country. Among other things, the Minister commended NOCMA for ensuring continous fuel supply in the country in the past few years which he said helped the...


Powered by WSchat