A statement by SPDC on Sunday stated that with the latest move, the fund size had risen to $2.4 billion.
According to the statement, the Director and General Manager, Government and Business Relations of the SPDC, Mr. Bashir Bello, signed the $200 million Memorandum of Understanding with the United Bank for Africa Plc in Abuja on Friday.
Bello described the initiative as a product of the continuous effort by the SPDC and its joint venture partners – the Nigerian National Petroleum Corporation, Total and Agip – to enhance Nigerian content and local participation in the Nigerian oil and gas value chain.
The statement added that the fund provides support for contractors to finance projects executed for Shell companies in Nigeria in line with the aspirations of the Nigerian Content Act.
It explained that contractors must have a valid purchase order and meet the bank’s risk assessment criteria in order to access the fund.