Business and Economy

Afreximbank increases funding for Fidelity Bank from $125 million to $180 million under the Afreximbank Trade Facilitation Programme (AFTRAF)

The Afreximbank Trade Facilitation Program has announced an upgrade to the funding facility offered to Fidelity Bank plc, Nigeria (AFTRAF).

The decision to enhance Afreximbank’s support is in line with the financial and commercial success of the financing facility, of which Fidelity Bank has fully tapped the initial US$125 million. The ongoing solid financial results of Fidelity Bank, Nigeria’s largest Tier 2 bank, helped the expansion to US$180 million.

Fidelity Bank will be able to expand up and speed up its activities and programs in trade and related activities thanks to the augmented financing facility.

Afreximbank’s President and Chairman of the Board of Directors, Professor Benedict Oramah, said:

“Fidelity Bank has shown that it can effectively utilise this kind of funding, which has benefited the Nigerian economy. Afreximbank is eager to help an influential African bank that aids African entrepreneurs and enterprises.

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