African Export Import Bank (Afreximbank) has announced the disbursement of a $150 million finance facility to First Bank of Nigeria Limited under its Pandemic Trade Impact Mitigation Facility (PATIMFA).
FirstBank, in a statement, explained that the money will be accessible to its 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,” it added.
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. Since April 2020, when PATIMFA was launched, we are more than proud to have disbursed more than $7 billion 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 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.”
Also commenting, Dr. Adesola Adeduntan, FirstBank’s CEO, said: “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.”
Meanwhile, more customers get rewarded in extension of FirstBank Verve Card Campaign.
The FirstBank Verve Card Campaign promo launched earlier in the year to appreciate and reward FirstBank customers and verve card holders for their consistent usage of the card has been extended with more customers winning exciting prizes as the promo is billed to run July 1, 2022.
With the extension, 30 lucky customers have the opportunity to win 32 inches LED television with the grand prize of a brand new saloon car, also to be won.
A minimum of 4 transactions weekly qualifies the customer to stand the chance of winning the 32 inches LED TV. And for the star prize which is a brand new car, customers must carry out 16 transactions during promo period.