The African Export-Import Bank (Afreximbank) has approved a US$20.8 million financing facility for Nigeria-based Starlink Global & Ideal Limited to construct and operate a 30,000-metric tonne per annum cashew processing factory in Lagos.
he facility is expected to promote value addition which will guarantee increased earnings to the company while also fostering the creation of about 400 new jobs and about 40 small and medium-sized enterprises.According to the facility agreement signed in on July 22, 2024, Afreximbank will provide the funds in two tranches.The first tranche of US$7.48M going toward capital expenditure for the construction of the factory and the second, totalling US$13.25M to be deployed as working capital for the operations of the factory.“We are delighted at this partnership which promises to deliver significant impact on employment in Nigeria. It will contribute to value creation and to the development of the local community while also improving the lots of smallholder farmers and small business suppliers that will work with Starlink across the value chain,” Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank.
