FIRSTBANK secures $150 million Afreximbank Pandemic Trade Impact Mitigation Facility (PATIMFA) to support businesses in Nigeria

First Bank of Nigeria Limited, Nigeria’s flagship and leading financial inclusion services provider, has received a US$150 million loan facility from African Export Import Bank (Afreximbank).

The money came from Afreximbank’s Pandemic Trade Impact Mitigation Facility (PATIMFA).

Afreximbank’s US$150 million financial assistance will be available to FirstBank clients participating in the production and importation of COVID-19-related items and equipment, as well as measures to rebuild hospitals and increase diagnostic and testing capacity. The loan will also be utilized to finance trade debt payments that are due in order to avoid payment defaults on trade debt commitments. Furthermore, the revenues of the facility will help beneficiary businesses manage the impacts of the Ukraine crisis.

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 US$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.”

“We commend Afreximbank for this impactful financial response,” remarked Dr. Adesola Adeduntan, CEO of FirstBank.

It will make a significant contribution to enabling numerous firms that have been negatively hit by the economic shocks produced by Covid-19. FirstBank’s participation in this program demonstrates their faith in our ability and track record throughout the years. As a bank knit into the fabric of our society for over 128 years, we are committed to the success of companies in our host communities and ensuring they are given the necessary boost to continue their operations and further promote economic progress  in the nation.”, he concluded.