The African Export-Import Bank (Afreximbank) has approved $20.8 million in financing for Starlink Global & Ideal Limited, based in Nigeria, to build and operate a cashew processing plant with a capacity of 30,000 tons per year in Lagos.

Under the terms of the facility agreement signed on 22 July 2024, Afreximbank will provide the funds in two installments, with the first installment of 7.48 million US dollars being for capital expenditures for the construction of the plant and the second, for a total amount of 13.25 million US dollars, being deployed as working capital for the operation of the factory.

The facility is expected to promote added value that will ensure an increase in company revenues while promoting the creation of around 400 new jobs once the factory is operational. It should also support around 40 small and medium-sized businesses.

Commenting on the transaction, Kanayo Awani, Executive Vice President of Afreximbank, in charge of intra-African trade and export development, said that by supporting Starlink Global in setting up a modern processing plant, Afreximbank is enabling Africa to add value to its agri-food products, facilitating thus exports and the subsequent inflow of foreign currency that the continent so badly needs

“We are delighted with this partnership which should have a significant impact on employment in Nigeria. It will contribute to the creation of value and the development of the local community while improving the lot of smallholder farmers and small business suppliers who will work with Starlink throughout the value chain,” added