4.3.22Net Cash and Cash Equivalents

The increase of the Cash and bank balances mainly relates to the significant residual proceeds from the aggregate US$1,255 million bridge loans for the financing of the construction of FPSO Alimarante Tamandaré and FPSO Alexandre de Gusmão which were both fully drawn before year-end 2021. This generated a significant excess of financing cash flow compared with actual investments to date on these two units (approximately US$800 million as of December 31, 2021).

The cash and cash equivalents dedicated to debt and interest payments (and therefore restricted) amounted to US$152 million as per December 31, 2021 (2020: US$215 million). Short-term investment deposits are made for varying periods of up to one year, usually less than three months, depending on the immediate cash requirements of the Company and earn interest at the respective short-term deposit rates.

The cash and cash equivalents held in countries with restrictions on currency outflow (Angola, Brazil, Equatorial Guinea, Ghana and Nigeria) amounted to US$23 million (2020: US$28 million). These restrictions do not limit the liquidity of the cash balances.

Further disclosure about the fair value measurement is included in note 4.3.28 Financial Instruments − Fair Values and Risk Management.