According to the facility agreement signed on July 22, 2024, Afreximbank would provide the funds in two tranches with the first tranche of US$7.48 million going toward capital expenditure for the construction of the factory and the second, totalling $13.25 million to be deployed as working capital for the operations of the factory.
The facility is expected to promote value addition which would guarantee increased earnings to the company while also fostering the creation of about 400 new jobs once the factory becomes operational. It is also expected to support about 40 small and medium-sized enterprises.
