The African Export-Import Bank (Afreximbank) (www.Afreximbank.com) today in Houston, United States, signed a term sheet for a US$40million pre-export facility in favour of Johnvents Industries Limited.
The facility was signed on behalf of Afreximbank by Kanayo Awani, Executive Vice President, Intra-African Trade Bank, John Alamu, Chief Executive Officer, Johnvents Industries Limited. and Nneka Onyeali-Ikpe, Managing Director of Fidelity Bank Nigeria PLC, the local administrative agent.
The term sheet provides for the facility to be used to finance commodities that had been received into approved warehouses or storage sites, to be processed into finished products for the export market.
It further provides that the facility, which is an uncommitted revolving pre-export facility, could be availed to finance commodities in transit to the warehouse, with such financing supported by a standby letter of credit or guarantee posted by Fidelity Bank Nigeria PLC.
The signing of the term sheet was part of activities organised to mark the Fidelity International Trade and Creative Connect hosted by Fidelity Bank Nigeria PLC to promote Nigeria’s value-added exports in the global marketplace.
SOURCE: APO