The NNPC Ltd and Afrexim Bank have jointly signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment loan.
The signing, took place at the bank’s headquarters in Cairo, Egypt. It is expected that it will provide some immediate disbursement that will enable the NNPC Ltd to support the Federal Government in its ongoing fiscal and monetary policy reforms aimed at stabilizing the exchange rate market.
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A statement by the company said
the GCEO NNPC Ltd, Mele Kyari and Executive Vice President, AFREXIMBANK, George Elimbi signed the agreement on behalf of their respective organisations.
Editor: Paul Akhagbemhe
