The fund is designed to support and stabilize the foreign exchange resources of African countries.
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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.