In this 2009 file photo, Dennis Valdez (right), then administrative manager at Newport Fersan, takes members of the Jamaica Manufacturers Association on a tour of the Newport Fersan factory at Marcus Garvey Drive in Kingston.
Marcella Scarlett, Business Reporter
Newport Fersan Jamaica Limited, the island's sole manufacturer of ferlilizers, has secured a deal to supply 98,000 bags or 4,600 metric tonnes of the product to Cuba.
Financing for the fertilizers, valued at Can$3 million, will be undertaken through the Export-Import (ExIm) bank's Cuban line of credit.
The product will be sent in two shipments, the first of which will be loaded during the first week of October and the second 15 days later, Fersan's managing director Dennis Valdez told Wednesday Business.
"We are very excited," said Valdez, adding that "the customer is excited about this operation and I believe that we can foresee many more shipments happening soon."
Fersan was in negotiations to ship additional supplies to Cuba, he said.
With the line of credit, payments are made to the exporter - in this case Fersan - immediately upon delivery of the goods. Once the importer, Cuba, is satisfied with the product, it submits the relevant documents to Banco Nacional de Cuba, which will make a formal request to the ExIm bank for financing.
Banco Nacional de Cuba will repay the ExIm bank in equal installments over six months because the transaction is being undertaken under an institution-to-institution arrangement.
No hay comentarios:
Publicar un comentario