The African Export-Import Bank and the Nigeria Export-Import Bank have entered into a memorandum of understanding to establish a Joint Project Preparation Fund.
The initiative is expected to provide early project preparation financing and technical support services to public and private sector entities operating in Nigeria’s trade sector.
According to a statement obtained yesterday, under the terms of the MoU signed last month, Afreximbank and NEXIM would collaborate through the joint project preparation fund to unlock investments into sectors such as export manufacturing, agro-processing, solid minerals development and beneficiation services, as well as healthcare, information and communications technology, and creative industries.
The initiative would support public and private sector investors by providing technical and financial support services that would result in a steady pipeline of well-structured, bankable projects that Afreximbank, NEXIM and other financial institutions can readily finance.
The fund would assist the early development process of projects from concept stage to bankability by covering the preparation of feasibility studies, project development and advisory services and related costs.