First Bank of Nigeria Ltd. has received the sum of $150 million from the African Export-Import Bank (Afreximbank) under its Pandemic Trade Impact Mitigation Facility (PATIMFA)
PATIMFA enables countries to adjust in an orderly manner to financial, economic, and health services shock. PATIMFA will also be available to organizations working on hospital rehabilitation and diagnostic and testing capabilities.
Folake Ani-Mumuney, Group Head, Marketing and Corporate Communications, FirstBank, revealed this in a statement released on Monday in Lagos.
According to the announcement, FirstBank clients involved in the development and import of supplies and equipment essential to battle the COVID-19 epidemic would have access to Afreximbank’s $150 million support.
Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said in a statement that the distribution was a further indication of the program’s importance in assisting African economies in recovering from the crisis caused by the COVID-19 pandemic.
Prof. Benedict said, “Since April 2020, when PATIMFA was launched, we are more than proud to have disbursed more than 7 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 FirstBank, 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 added.
Dr. Adesola Adeduntan, FirstBank’s CEO, praised Afreximbank for its significant financial support, which demonstrates its faith in FirstBank’s ability and track record over the years.
“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,” Adeduntan said.
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