Bank of Industry grants firm N5.6bn loan

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Bank of Industry grants firm N5.6bn loan

.Facility will create more jobs for Nigerians -Says Kristensen

By Udeme Clement

As part of its obligation to give financial support to industries operating in the country to thrive, the Bank of Industry, BoI, has granted Promasidor Nigeria limited, N5.6 billion loan for expansion.

The Finance Director, Mr. Per Kristensen, disclosed this, explaining that the repayment agreement of the loan is structured for seven-year tenure, including 12-month moratorium.

On specific areas of expansion that the money would be used, in order to achieve the intended purpose, he said, “The facility would be used for additional machinery, factory expansion and value chain development. This would create more jobs for Nigerians. Also, it would increase the company’s capacity to support the nation’s economy in different areas”.

His words, “The facility is vote of confidence on the company’s financial integrity, high credit rating and exceptional corporate governance practice. The near single digit interest loan is guaranteed by First City Monument Bank Limited. You cannot compare this to any other commercial loan in the country”.

He went on, “This means Promasidor now has more funds to pursue its growth in machinery, backward integration, production plants and to create more jobs for Nigerians.”

“He added,  “The good thing is that the loan is denominated in local currency and for a period of seven years. The interest rate is minimal.  We are going to repay in Naira and the entire process is very transparent. So, we are happy about this development because it is for the interest of the company and the economy at large”.

 

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