The African Export-Import Bank (Afreximbank) has announced that it has disbursed a $150 million financing facility to First Bank of Nigeria Limited to support businesses in Nigeria, under its Pandemic Trade Impact Mitigation Facility (PATIMFA). ).
Afreximbank said the $150 million in financial support will be available to FirstBank customers who are involved in manufacturing and importing products and equipment needed to fight the COVID-19 pandemic, as well as initiatives to rehabilitate hospitals and build diagnostic and testing capacity.
The loan will also be used to fund commercial debt payments due to the prevention of defaults on commercial debt obligations. In addition, proceeds from the facility will help beneficiary companies manage the impacts of the Ukrainian crisis.
For his part, FirstBank Chief Executive Dr. Adesola Adeduntan said, “We commend Afreximbank for this impactful financial response. This will go a long way in empowering many businesses affected by the economic shocks caused by Covid-19. Selecting FirstBank as a partner in this initiative demonstrates their confidence in our ability and our proven track record over the years.
“As a bank woven into the fabric of our society for more than 128 years, we remain committed to ensuring the success of businesses in our host communities and ensuring they receive the necessary boost to sustain their operations. and further stimulate economic growth in the nation. “, he concluded.
Chairman and Chairman of the Board of Afreximbank, Prof. Benedict Oramah, noted that the new disbursement under the PATIMFA is “evidence of the relevance of the program in helping African economies recover from the crisis induced by the COVID-19 pandemic”.
“Since April 2020, the date of the launch of PATIMFA, we are more than proud to have disbursed over $7 billion to help Afreximbank member countries manage the negative impact of 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 effects of the pandemic, while helping them weather the consequences of the current crisis in Ukraine.”