Afreximbank To Support COVID-19 Struggling Businesses With $150 million

The African Export-Import Bank (Afreximbank) has concluded plans to hand $150 million to Nigerian businesses affected by the Coronavirus outbreak. The fund will be disbursed through First Bank of Nigeria.

Afreximbank President and Chairman of its Board of Directors, Benedict Oramah, said the financial support was reached to assist businesses withstand the COVID-19 shocks on their finances and the economy.

The $150 million fund is under the Pandemic Trade Impact Mitigation Facility (PATIMFA) of Afreximbank. The PATIMFA had previously disbursed $7 billion to African nations since the breakout of the Coronavirus in 2020.

The new disbursement by Afreximbank will be made available to businesses that imports equipment or supplies intended to tame the spread of COVID-19, a statement issued on Monday by First Bank Group Head, Marketing and Corporate Communications, Folake Ani-Mumuney, disclosed.

In the statement, First Bank Chief Executive Officer, Adesola Adeduntan, said the $150 million fund will be used to empower businesses struggling with the impact of COVID-19 on the economy.

“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.”

Oramah on his part, 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.”

The Afreximbank President further explained, “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.”