African
Export Import Bank (Afreximbank) has announced the disbursement of a US$150
million finance facility to First Bank of Nigeria Limited, Nigeria’s premier
and leading financial inclusion services provider. The funding was provided
under Afreximbank’s Pandemic Trade Impact Mitigation Facility (PATIMFA).
Afreximbank’s US$150 million financial support will
be accessible to FirstBank customers that are involved in the manufacturing and
importation of products and equipment required to combat the COVID-19 pandemic,
as well as initiatives to rehabilitate hospitals and strengthen diagnostic and
testing capacity. The loan will also be used for the financing of trade debt
payments falling due to avert payment defaults in trade debt obligations. In
addition, proceeds of the facility will help beneficiary businesses manage the
impacts of the Ukraine crisis.
Professor
Benedict Oramah, President and Chairman of the Board of Directors of
Afreximbank, commented: “This new disbursement under PATIMFA is a further proof
of the relevance of the programme in helping African economies to recover from
the crisis induced by the COVID-19 pandemic. Since April 2020, when PATIMFA was
launched, we are more than proud to have disbursed more than US$7 billion to
help Afreximbank member countries manage the adverse impact of the financial,
economic and health shocks caused by the COVID-19 pandemic. Through First Bank,
one of our trade finance intermediaries, this $150 million facility will help
build the resilience of many businesses to the adverse impacts of the pandemic,
while helping them overcome the consequences of the current Ukraine crisis.”
Also expressing his delight in the partnership, Dr.
Adesola Adeduntan, FirstBank’s CEO, said: “We commend Afreximbank for this
impactful financial response. It will immensely contribute to empowering many
businesses adversely impacted by the economic shocks caused by Covid-19. The selection of FirstBank as a
partner in this initiative is a testament to their confidence in our capacity
and proven track record over the years.
As a Bank that has been woven into the fabric of our society for over 128 years, we remain committed to the success of businesses in our host communities and ensuring they are given the needed boost to sustain their operations and further drive economic growth in the nation.", he concluded.
No comments:
Post a Comment