Fidelity Bank has inked a significant $40 million deal with AFREXIM Bank and JohnVents Industries for cocoa export. This agreement, signed during the second edition of the Fidelity International Trade and Creative Connect (FITCC) in Houston, Texas, signifies a significant development in the cocoa export space.
The $40 million pre-export finance facility, extended in favor of JohnVents Industries, is considered a milestone in the field of exports. The funds will be provided by AFREXIM Bank, with Fidelity Bank serving as the local administrative agent.
Mrs. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, expressed her delight in participating in the tripartite loan signing ceremony. She highlighted the vast opportunities in the Nigerian cocoa market, emphasizing its potential to meet the demand of off-takers in the United States. The ceremony underscores the value of the partnership between Fidelity Bank and AFREXIM Bank, particularly in providing critical credit to last-mile beneficiaries, enabling them to expand their operations and serve the global market.
This initiative aligns with the objectives of FITCC, and Fidelity Bank is excited to host the formal deal signing event. The FITCC Houston event spans two days and aims to increase the number of Nigerian businesses exporting to the US market, expand product options for the diaspora market, and enhance the capacity of exporters to meet international quality standards.
Mrs. Onyeali-Ikpe noted that the evolving global macroeconomic environment requires businesses to seek viable alternatives to remain competitive, and this deal represents a significant step in that direction.
