The African Export-Import Bank (Afreximbank) says it will support Kaduna State, Northwest Nigeria in the export of textile products to quicken economic development of the state.
A statement on Monday by Mr Obi Emekekwue, the bank’s Director and Global Head, Communications and Events Management Department, quoted Dr Benedict Oramah, the bank’s President as saying this in Cairo.
Oramah said that the bank would soon send a technical team to the state to conduct a comprehensive study of the state’s cotton value chain.
He said that the study was to allow for the development of a robust private sector driven solution for value addition and to facilitate export of textile products from the state.
Oramahe said that Afreximbank would support the initiative under its industrialisation and export development strategy.
The director added that the bank and the state government had earlier met on the issue in Abuja on June 8.
Afreximbank is the foremost pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.
Since 1994, it has approved more than 51 billion dollars in credit facilities for African businesses, including about 10.3 billion dollars in 2016.
The bank had total assets of 11.7 billion dollars as at Dec. 31, 2016.
It is rated BBB+ (GCR), Baa1 (Moody’s), and BBB- (Fitch), and has its headquarters in Cairo. (NAN)
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