African Export Import Bank (Afreximbank) has disbursed $150 million to First Bank of Nigeria Ltd., under its Pandemic Trade Impact Mitigation Facility (PATIMFA).
Group Head, Marketing and Corporate Communications, FirstBank, Mrs Folake Ani-Mumuney, in a statement yesterday in Lagos, quoted the President/Chairman, Board of Directors, Afreximbank, Prof. Benedict Oramah, as saying that the disbursement was 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 $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,” Oramah said.
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.
Commending Afreximbank for the impactful financial support, FirstBank’s Chief Executive Officer, Dr Adesola Adeduntan, 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.”
The facility would be accessible to FirstBank customers involved in manufacturing and importation of products and equipment required to combat the COVID-19 pandemic.
It will also be open to organisations with initiatives to rehabilitate hospitals and strengthen diagnostic and testing capacity, while the proceeds would help beneficiary businesses manage the impacts of the Ukraine crisis.