African Export-Import Bank (Afreximbank), has given out $150m to First Bank of Nigeria Ltd., under its Pandemic Trade Impact Mitigation Facility (PATIMFA), to support the manufacturing and importation of products and equipment required to combat the COVID-19 pandemic.
Group Head, Marketing and Corporate Communications, FirstBank, Mrs. Folake Ani-Mumuney, disclosed via a statement on Monday in Lagos.
“The disbursement was further proof of the relevance of the programme in helping African economies to recover from the crisis-induced by the COVID-19 pandemic, the statement read in part.”
President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, added that “Since April 2020, when PATIMFA was launched, we are more than proud to have disbursed more than seven billion dollars 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 dollar 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.
In his appreciation speech, Chief Executive Officer, First Bank, Dr. Adesola Adeduntan, said the bank commends Afreximbank for the impactful financial response. Adding that, 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 added.
According to Afreximbank, the disbursed fund will also be accessible to organisations with initiatives to rehabilitate hospitals and strengthen diagnostic and testing capacity.
It added that the proceeds of the facility would help beneficiary businesses manage the impacts of the Ukraine crisis.
