Under the Afreximbank Trade Facilitation Programme, the African Export-Import Bank (Afreximbank) has increased the amount of money it is willing to lend to Fidelity Bank plc, bringing the total up to $180 million from $125 million (AFTRAF).
This information was made public by a Pan-African multilateral financial institution in the form of a statement. In the statement, the institution explained that the increase in funding to $180 million was made possible by the consistently solid financial performance of Fidelity Bank, which is Nigeria’s largest Tier 2 bank.
Borrowing from the Fidelity Bank 44% to $180m
Fidelity Bank is anticipated to be able to scale up and accelerate its activities and programs in trade and associated activities as a result of the enhanced financing capacity, which was previously mentioned.
Benedict Oramah, president and chairman of the board of directors of Afreximbank, made the following statement in response to the increase in the financing facility: “Fidelity Bank has demonstrated its capacity to make sensible use of this form of financing, with attendant advantages for the Nigerian economy.” Afreximbank is eager to provide assistance to a major African bank that offers assistance to African company owners and entrepreneurs.
As part of its mission to encourage economic growth across Africa, Afreximbank employs novel organizational forms to provide finance solutions that promote the transformation of the structure of Africa’s trade, therefore speeding up industrialization and commerce within the continent.
The strategy of the bank is built around four pillars, which include the following: encouraging commerce within Africa,
easing Africa’s transition into a manufacturing and exporting economy, bolstering Africa’s position as a global leader in trade finance, and enhancing the continent’s overall financial performance and stability.