Houston, United States, 27 October 2023: – The African Export-Import Bank (Afreximbank) 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.
– ENDS –
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at over US$31 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure, (together, “the Group”).
For more information, visit: www.afreximbank.com