The African Export-Import Bank (Afreximbank) has disbursed $200 million to Zenith Bank Plc Nigeria under its Pandemic Trade Impact Mitigation Facility (PATIMFA).
In a statement, it said the funds will assist Zenith Bank to continue to maintain foreign currency trade flows impacted by the COVID-19 pandemic.
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They will also allow Zenith Bank to on-lend to eligible sub-borrowers involved in the manufacture and supply of medical resources needed to combat the COVID-19 pandemic.
Zenith Bank Plc is Nigeria’s largest bank by Tier-1 capital.
The Group Managing Director of Zenith Bank, Mr. Ebenezer Onyeagwu said: “The Afreximbank facility underscores the confidence reposed in Zenith Bank, and it will enable the bank to contribute to the fight against the COVID-19 pandemic by providing trade finance and foreign currency funding for the importation of urgent medical equipment and raw materials.”
President of Afreximbank, Prof. Benedict Oramah, said: “We are pleased to contribute to keeping economies going especially during this pandemic.
“The role that banks such as Zenith Bank play in Africa is huge.
“Supporting them to carry out their mandate is our greatest contribution to making sure that African countries and institutions build back better from the shocks of the pandemic.”
PATIMFA was set up in March 2020 to provide financing to assist Afreximbank member countries to cushion the pandemic effects.
From the 3-year facility, Afrximbank has disbursed over $3.5 billion; it provided a grant of $3m towards the COVID-19 Special Fund set up by the African Union and to the African Centre for Disease Control and other agencies.
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