Two buyer credit financing framework agreements were signed Saturday in Algiers between Algerian oil company Sonatrach, Japan Bank for International Cooperation (JBIC) and insurance company Nippon Export and Investment Insurance (NEXI).
According to APS, the $500 million accord with JBIC covers the financing of several business contracts, for which Japanese firms will be chosen after invitations to tender.
JBIC, a governmental agency financing Japanese exports, covers 60% of the buyer credits, the remaining 40% to be financed by one or several merchant banks.
The second agreement with NEXI concerns the payment of the premium owed to this organisation and covers the share (40%) of the merchant banks.
Both agreements were signed by Sonatrach's executive manager in charge of finances, Ali Rezaiguia, JBIC Chief Executive Officer Shigeru Nozaki and NEXI Vice Chairman, Yuko Kitazume, in the presence of Sonatrach CEO Mohamed Meziane and Japan's ambassador in Algiers. (menareport.com)
© 2004 Mena Report (www.menareport.com)
