AFREXIM, Fidelity Bank, JohnVents seal $40m cocoa export deal
Fidelity Bank, African Export-Import Bank and agribusiness firm, JohnVents Industries have signed a $40m cocoa export deal at the Fidelity Bank International Trade and Creative Connect held in Houston, United States of America.
According to a statement from the bank on Sunday, the signing of the $40m pre-export finance facility was held at the trade expo.
The loan would be provided by AFREXIM Bank with Fidelity Bank acting as the local administrative agent.
Speaking on the deal, the Managing Director/Chief Executive Director, Fidelity Bank Plc, Mrs Nneka Onyeali-Ikpe, said, “We are delighted to participate in the tripartite loan signing ceremony as it demonstrates the size of the opportunity in the Nigerian cocoa market and its potential to meet the demand of off-takers in the US.
“This also highlights the value of our partnership with AFREXIM Bank especially in providing much-needed credit to last mile beneficiaries to upscale their operations and cater to a global market. These align with our objectives for FITCC and we are thrilled to host the formal deal signing event here.”
The second edition of the trade expo was held for two days in Houston, Texas, USA. The expo was aimed at achieving several objectives including increasing the pipeline of Nigerian businesses that export into the US market, providing the diaspora market more ethnic product options and enabling exporters to build capacity to improve product quality and meet international standards.
Welcoming participants to the event, Onyeali-Ikpe, noted that the target for the expo was to close about $250m worth of deals.
She said, “Developments on the global scene have necessitated the need to constantly seek viable alternatives as businesses work to stay competitive in a rapidly evolving macro-economic environment.