Petroleum Africa
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Wednesday, November 23, 2016
Royal Dutch Shell’s units in Nigeria have signed some MoUs with eight Nigerian banks under the revised Shell Contractor Support Fund in order to offer loans faster and at cheaper rates, according to a Premium Times report. The MoUs were signed with Access Bank, Skye Bank, Zenith Bank, Stanbic IBTC Bank, First Bank, Standard Chartered Bank, First City Monument Bank and Guaranty Trust Bank.
Under the MoUs, $2.2 billion has been set aside for contract execution by Nigerian firms. In order to access the fund, contractors must have valid purchase orders and meet the banks’ risk assessment criteria. This allows Nigerian contractors the ability to finance the projects they execute for Shell in Nigeria.
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