The African Export-Import Bank (Afreximbank) has signed a US$15mn trade finance line of credit with Bank of Industry (BOI), Nigeria to help the country’s infrastructure development.

The facility was signed on June 24. Jean-Louis Ekra, president of Afreximbank, signed on behalf of the bank as lenders, while Evelyn Oputu, managing director of BOI and David Nwachuku, managing director of the leasing company of Nigeria (Lecon) signed on behalf of BOI as borrowers.

Proceeds of the facility will be used by BOI to finance LECON clients engaged in activities in the areas of trade, manufacturing/processing, energy and oil/gas services, and transportation services.

Bank of Industry was established in October 2001, following the reconstruction of the Nigerian Industrial Development Bank Limited (NIDB) with a mandate to provide financial assistance for the establishment of large, medium and small projects; as well as expansion, diversification and modernisation of existing enterprises; and rehabilitation of ailing industries.

Afreximbank’s Ekra comments: “We are providing this facility to BOI so as to deepen and broaden the support we are providing to Nigeria. It is important to add that since inception of the bank, we have continuously provided lines of credit to Nigerian Banks. We have also supported Nigerian corporates either directly or indirectly through local banks. Total cumulative approvals to Nigerian entities (corporates and banks) reached US$4,496mn at the end of 2008.”