The Nigerian Export-Import Bank (NEXIM) is to partner with the Guarantee Fund for Private Investments in West Africa (GARI Fund) to boost the sea link project in the subregion.
This was contained in a statement signed by Mr Chinedu Moughalu, NEXIM spokesman, on Friday in Abuja.
The Sea Link project is a NEXIM bank initiative geared toward effective use of the maritime sector to enhance free trade in the West Africa region
According to the statement, Mr Roberts Orya, Managing Director of NEXIM Bank, said that there was the need for the organisation to collaborate with GARI Fund in ensuring that the project was successful.
“There is the need for the two institutions to explore avenues for more transactional relationships,” Orya said.
Orya added that NEXIM would want GARI Fund to provide financing for the acquisition of seagoing vessels for the initiative.
He explained that NEXIM was committed toward the sustenance of its good relationship with the Fund to expand the scope of its intervention in Nigeria.
“NEXIM will forward some pipeline transactions within the next three months to GARI Fund for consideration,” he said.
Mr Nyixo Jacques, Managing Director of the GARI Fund, said the strategic focus of the Fund was to grow its interventions in Nigeria.
Jacques said this informed the enhancement of funding limit for Nigeria from 15 million dollars to 20 million dollars.
He added that the policies were still flexible and waivers could be granted to increase Nigeria’s transactions on GARI’s portfolio.