By Idowu Ibrahim Oluwadamilare (SIWES student, D S Adegbenro ICT Polytechnic)
Fidelity Bank, the African Export-Import Bank, and the agribusiness firm JohnVents Industries have unveiled a $40 million cocoa export agreement during the Fidelity Bank International Trade and Creative Connect event held in Houston, United States.
This pre-export finance facility, signed at the trade expo, is facilitated by AFREXIM Bank, with Fidelity Bank serving as the local administrative agent.
Managing Director/Chief Executive Director of Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe, expressed enthusiasm about the partnership’s potential to address the US demand and support local cocoa producers’ growth in the global market.
The event aimed to close approximately $250 million in deals to enhance business competitiveness in a changing economic landscape.
