• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

AFREXIM Bank disburses $200 million to Zenith Bank

5 years ago
in Banking & Finance, Business, highlights, Home, latest News
2 min read
0 0
0
50
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The African Export-Import Bank (Afreximbank), has disbursed $200 million to Zenith Bank Plc Nigeria, in a bid to support critical imports under emergency conditions, and maintain foreign currency trade flows impacted by the COVID-19 pandemic. 

This disclosure was made on Friday, in a press release by the multilateral financial institution.

The disbursement, made under its Pandemic Trade Impact Mitigation Facility (PATIMFA), is in line with the Pan-African Bank’s mandate of financing, and promoting intra-and extra-African trade. 

PATIMFA is a 3-year medium-term facility, set up in March 2020 to support and stabilize the foreign exchange resources of Afreximbank member countries, to enable them support critical imports under emergency conditions. 

The financing from this facility is accessed via direct funding, to assist Afreximbank member countries to adjust in an orderly manner to the financial, economic, and health services shocks caused by the COVID-19 pandemic.

The President of Afreximbank, Prof. Benedict Oramah, remarked that the bank is pleased to keep supporting Nigeria’s largest bank by tier-1 capital, with recovery from the effects of COVID-19.

“The role banks such as Zenith Bank play in Africa is huge, and supporting them to carry out their mandate is the group’s greatest contribution to making sure that African countries and institutions build back better from the shocks of the pandemic,” he said.

RelatedPosts

Africa’s Fastest-Growing Economy Sets new Rules for Foreign Stake in Local Banks

Nigeria’s Oil Production Could Reach 2 Million bpd by Next Year

BoG Halts GCB Bank Dividend Payment Over Regulatory Breach

Zenith Bank’s Group Managing Director, Mr Ebenezer Onyeagwu, said that this gesture, “undoubtedly underscores the confidence reposed in Zenith Bank.”

He reiterated that the facility 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. 

About Afreximbank  

The African Export-Import Bank was established in October 1993, with its headquarters in Cairo, Egypt. It is owned by African governments, the African Development Bank, and other African multilateral financial institutions, as well as African and non-African public and private investors. 

The bank has disbursed more than US$31billion between 2016 and 2019. 

Previous Facility created to support member countries 

Afreximbank, has a history of providing support to African economies in times of economic crisis. During the 2015 economic crisis, it introduced a Counter-Cyclical Trade Liquidity Facility, under which it disbursed more than $10 billion on a revolving basis, to enable member countries to adjust to the adverse economic shocks. 

The financial strength of Afreximbank 

At the end of 2019, the Bank’s total assets and guarantees stood at $15.5 billion, and its shareholders’ funds amounted to $2.8 billion. 

Afreximbank has disbursed more than $3.5 billion under PATIMFA. In addition, the Bank provided a grant of $3 million towards the COVID-19 Special Fund – set up by the African Union, as well as to the African Center for Disease Control and other agencies. 

Tags: AFREXIM BankCovid-19Zenith Bank
No Result
View All Result

Highlights

How an Idle Land Tax Could Build 10,000 Homes in 5 Years

Thibaut Courtois Accuses La Liga of ‘Manipulation’ Amid Protests Over Miami Fixture

Historic Bid: U.S. Joins Forces with Mexico, Costa Rica, and Jamaica for 2031 Women’s World Cup

Bank of Ghana Sells GHS 7.0bn in 56-Day Bills at 21.46% Interest Rate

Deputy Finance Minister Hints 2026 Budget to Prioritise Fiscal Discipline and Job Creation 

FirstBank and Coronation Insurance Strengthen Partnership to Deliver Greater Value to Customers

Trending

Business

Africa’s Fastest-Growing Economy Sets new Rules for Foreign Stake in Local Banks

October 21, 2025

Africa’s Fastest-Growing Economy Sets new Rules for Foreign Stake in Local Banks Ethiopia has officially moved closer...

Nigeria’s Oil Production Could Reach 2 Million bpd by Next Year

October 21, 2025

BoG Halts GCB Bank Dividend Payment Over Regulatory Breach

October 21, 2025

How an Idle Land Tax Could Build 10,000 Homes in 5 Years

October 21, 2025

Thibaut Courtois Accuses La Liga of ‘Manipulation’ Amid Protests Over Miami Fixture

October 21, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.