• Monday, May 20, 2024
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Afreximbank raises financing facility for Fidelity Bank to $180m

Nigeria joins others to sign Afreximbank’s fund for export development in Africa

African Export-Import Bank (Afreximbank) on Wednesday said it has raised its financing facility for Fidelity Bank plc, from $125 million to $180 million.

The financing facility provided to Fidelity Bank, Nigeria is under the Afreximbank Trade Facilitation Programme (AFTRAF).
The augmented financing facility will allow Fidelity Bank to scale up and accelerate its activities and programmes in trade and related activities.

Read also: Factoring/Invoice discounting and export financing and investments now available in Nigeria

The decision to increase 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.

Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, 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”.