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FirstBank Partners BNDES on
Offshore Credit Facility
razilian Development Bank, BNDES (Banco Nacional de
Desenvolvimento Economico e Social), has availed a Credit
Facility to the tune of US$63 million to First Bank of
Nigeria Plc, Nigeria's foremost financial institution. The
facility will be deployed by FirstBank to finance
importation from Brazil.
This latest move is consistent with the Bank's strategy of
encouraging and promoting bilateral trade between Nigeria
and other emerging/developed economies and it is expected
that this type of financial collaboration will definitely
promote business relations between Nigeria and Brazil.
Since its creation in 1990, BNDES exim's disbursements for
the production of goods destined for exports, through its
pre-shipment facility, amounted to US$16 billion. Of this
amount, US$4 billion financed the increase in exports of
Brazilian enterprises by means of Special Pre-Shipment
Lines. BNDES is the main source of export financing for
Brazilian companies.
FirstBank is a Nigerian bank with global reach. With nine
subsidiaries under its umbrella, the Bank made history on
February 11, 2008 as the first Nigerian quoted company to
hit the one trillion Market Capitalization mark.
In December last year, FirstBank signed a Memorandum of
Understanding with Guangdong Xinguang International Group on
the proposed US$500 million project in the Ogun State Free
Trade Zone.
Earlier this year, It also signed another MOU with China
Construction Bank (CCB) with a view to strengthening its
business in Credit Lines, Trade Finance, Syndication and
Project Finance, Consultancy Services, Sharing of Business
Experience, Training and Foreign Exchange Transactions.Back to Top
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