The bank’s Managing Director, Robert Onya said during a visit of the Hon. Jones Onyereri- headed House of Representatives Committee on Banking and Currency, that the bank also got additional N50 billion from the CBN for rediscounting and refinancing of loans obtained by investors from commercial banks, with a one year tenor.
Briefing the committee members on the activities of the bank over the past five years, the NEXIM chief noted that most of the foreign loans obtained are yet to be utilised due to the dissolution of the NEXIM board, and the non- constitution of a new one.
He said only $33 million was disbursed from the $200 million African Development Bank (AfDB) facility obtained in 2011 for financing Small and Medium Enterprises (SMEs), because of delay in obtaining approval for Sovereign Guarantee, adding that the Board was dissolved while they were waiting for customers.
Onya also said only $23.1 million has so far been utilised from the additional $200 million obtained from African Export bank.
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