First Bank Gets $150 Million To Support Businesses

African Export Import Bank (Afreximbank) has disbursed 150 million dollars to First Bank of Nigeria Ltd under it’s Pandemic Trade Impact Mitigation Facility (PATIMFA).

Group Head, Marketing and Corporate Communications, First Bank, Folake Ani-Mumuney announced this on Monday in Lagos.

According to the statement, 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.

“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 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.

Dr Adesola Adeduntan, FirstBank’s CEO, commended Afreximbank for the impactful financial support.

“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,” he said.

The statement said the Afreximbank’s 150 million dollar support 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 accessible to organisations with initiatives to rehabilitate hospitals and strengthen diagnostic and testing capacity.

It added that proceeds of the facility would help beneficiary businesses manage the impacts of the Ukraine crisis.