FOLAKE Ani-Mumuney, Group Head, Marketing and Corporate Communications, FirstBank, revealed in a statement released on Monday in Lagos that the African Export-Import Bank (Afreximbank) has disbursed 150 million dollars to First Bank of Nigeria Ltd. (PATIMFA) under its Pandemic Trade Impact Mitigation Facility.
Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, said in a statement that the distribution was further indication of the program’s usefulness in assisting African economies in recovering from the COVID-19 pandemic-induced catastrophe.
“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.
FirstBank’s CEO, Dr. Adesola Adeduntan, praised Afreximbank for its significant financial help.
“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.
According to the announcement, FirstBank clients participating in the development and importing of supplies and equipment essential to battle the COVID-19 epidemic will be eligible for the Afreximbank 150 million dollar funding.
It will also be available to organizations working on hospital rehabilitation and diagnostic and testing capability. It further stated that the earnings of the facility would be used to assist the facility’s beneficiaries in coping with the effects of the Ukraine conflict.
