Mali’s Yara Oil in talks with IFC for €20.7m loan

Mali’s leading energy supplier and distributor “Yara Oil” is in advanced talks with the World Bank’s private sector financer, the International Finance Corporation (IFC), for a loan of €20.7 million earmarked to finance its domestic expansion plan, “Sika Finance” reports.
Per the expansion plan, the company founded in 1983, will start 10 new distribution stations in rural areas and additional 10 in capital Bamako. The stations will provide a range of products and services including fuel, LPG for cooking, and utilities water, but also food retail, restaurant and ATM.
As part of the project, Yara will also pilot electricity charging points for electric vehicles (mainly moto-taxis) and install solar panels in the service stations to meet its own energy demand. IFC is also providing advisory services which the Washington-based organization added, will enable Yara Oil to assess the market potential for LPG, small-scale clean energy solutions, and electric vehicle charging points in Mali.
Yara Oil currently owns and operates seven such stations.