The African Export-Import Bank (Afreximbank) has signed a term sheet for a US$40 million pre-export facility in favour of Johnvents Industries Limited on Friday, October 28th 2023 in Houston, United States.
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, signed the facility on behalf of Afreximbank.
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.
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