IFC to provide another $20 million to Omera Petroleum

IFC’s loan to Omera is part of its $8 billion global fast-track financing package, announced in March to support business activity and preserve jobs in the face of Covid-19

International Finance Corporation (IFC), a member of the World Bank Group, will provide Omera Petroleum Limited a loan of $20 million to face the funding challenges caused by the Covid-19 pandemic.

On Tuesday, IFC and Omera signed an agreement regarding the matter. IFC is providing the $20 million to meet funding requirements of Omera’s working capital.

This is IFC’s second investment through its Covid-19 fast-track financing support package.

The funding will help Omera – an existing client of IFC and Bangladesh’s largest LPG operator in terms of investments, storage and filling capacity – overcome challenges resulting from the ongoing limited access to foreign currency, said a statement of Omera.

IFC came forward to support Omera, allowing them to strengthen operations, maintain employment, and access to foreign currency for import of LPG during these challenging economic times, it added.

“IFC’s support has always been of vital importance and will help us respond to challenges resulting from the Covid-19 pandemic. It will allow us to finance foreign currency liability for LPG import,” said Omera’s CFO Md Akter H Sannamat.

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He added: “Our partnership with IFC is very strong and we are committed to its environmental, social, and governance requirements.”

IFC’s loan to Omera is part of its $8 billion global fast-track financing package, announced in March to support business activity and preserve jobs in the face of Covid-19, he added.

Omera Petroleum Limited, a 62.49% owned subsidiary of MJL Bangladesh Limited started its operation in 2015 with two foreign shareholders namely FMO, a Dutch development bank, and BB Energy Pte Ltd, a giant energy operator in Europe.

Omera conducts its business activities through its four LPG plants located in Ghorashal, Mirsharai, Bogra and its main terminal Mongla.

Its current storage capacity is almost 10,000 tons with a bottling capacity of 60,000 cylinders per day. It has three LPG carrying barges and 34 LPG Road Tankers.Report:Dhaka Tribune