First Bank Nigeria Limited says it has disbursed over $7 billion on behalf of the African Export-Import Bank (Afreximbank ) since the launching of the Pandemic Trade Impact Mitigation Facility (PATIMFA).
Dr. Adesola Adeduntan, FirstBank’s CEO, disclosed this when he was reacting to the recent gesture of Afreximbank which made available a $150 million facility for First Bank to expand its loan support service.
He said: “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
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.
Also expressing his delight in the partnership, Dr. Adesola Adeduntan, FirstBank’s CEO, said: “We commend Afreximbank for this impactful financial response.”
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.
Group Head, Marketing and Corporate Communications, FirstBank, Folake Ani-Mumuney, in a statement on Monday explained that the President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, said 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.
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 overcomes the consequences of the current Ukraine crisis.”
It will immensely contribute to empowering many businesses adversely impacted by the economic shocks caused by Covid-19.
The selection of First Bank 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.
olusola Bello
