By Tony Obiechina, Abuja
The African Export-Import Bank (Afreximbank) has announced the enhancement of the financing facility provided to Fidelity Bank plc, Nigeria under the Afreximbank Trade Facilitation Programme (AFTRAF).
The decision to increase Afreximbank’s support is consistent with the economic and commercial success of the financing facility, the first $125 million of which has been fully utilised by Fidelity Bank.
The expansion to $180 million was also bolstered by the continued strong financial performance of Fidelity Bank, Nigeria’s largest Tier 2 bank.
The augmented financing facility will allow Fidelity Bank to scale up and accelerate its activities and programmes in trade and related activities.
Commenting on the development, Prof Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commented said Afreximbank is keen to support a leading African bank that supports African businesses and entrepreneurs.
He said, “Fidelity Bank has proven its ability to make smart use of this type of financing, with consequent benefits for the Nigerian economy. Afreximbank is keen to support a leading African bank that supports African businesses and entrepreneurs.”
Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.
A staunch supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA.
The bank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA.
