| Cairo, March 22 2023 – The African Export-Import Bank (Afreximbank) has increased its financing facility to Fidelity Bank in Nigeria to $180 million under the Afreximbank Trade Facilitation Programme (AFTRAF). The bank said in a statement on Wednesday that the decision to increase its support was consistent with the economic and commercial success of the financing facility, the first US$125 million of which had been fully utilised by Fidelity Bank. It said that the expansion to US$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. Prof. Benedict Oramah, the 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,” he said. (GBN) |
Afreximbank increases financing facility to Fidelity Bank
