NNPC Ltd and Afreximbank have jointly signed a commitment letter and Termsheet for an emergency $3billion crude oil repayment loan.
According to a release by NNPC, “The signing, which took place today at the bank’s headquarters in Cairo, Egypt, 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.”
Details shortly.