The Export-Import Bank of the United States (US Ex-Im) has extended its Nigerian bank facility to October 31, 2009, so that the facility's annual expiration date will coincide with the availability of the most current financial information on the member banks.
The facility, which covers 14 Nigerian banks, allows for expedited processing of short and medium-term insurance and guarantee transactions, and long-term guarantees, supporting US exports to Nigeria.
In June last year, the bank more than doubled the size of the facility to US$1bn to meet growing demand from member banks.
The demand has grown dramatically since the facility's inception in 2006. Over this time, the facility has supported short-term, medium-term and more recently, long-term financing requests for US exports such as passenger aircraft, oil and gas equipment, dredges and telecommunications and manufacturing equipment.
Us Ex-Im is also open to consider transactions with Nigerian banks that are not members of the facility.
The bank’s board of directors plans to consider a 12-month extension of the facility after the October 31 expiration date.
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