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African Export-Import Bank (Afreximbank) has provided a US$10 million trade finance facility to Nigeria’s Parallex Bank Limited (Parallex Bank). The financing is deployed under Afreximbank’s Trade Facilitation Programme (AfTRAF) which is part of the Bank’s strategy to assist African banks to enhance and complement existing trade finance lines.
The US$10 million financing facility will be used by Parallex Bank to facilitate, through on-lending, access to cross-border trade finance for small and medium-sized enterprises (SME), and to create lines of credit for businesses operating in the agriculture, export industry, health, education, and renewable energy sectors. The funds will also support other pan-African business opportunities for Parallex Bank’s growing SME segment, as well as for emerging commercial and corporate banking businesses.
Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commented:
We are pleased to continue to expand the AfTRAF programme across Africa. This financing facility provided to Parallex Bank comes in addition to other trade facilities already in use by our other partner banks in Nigeria and throughout the continent to help bridge the financing gap created by the withdrawal of international correspondent banks.
Olufemi Bakre, MD/CEO of Parallex Bank, said:
This facility underscores the confidence that Afreximbank has in Parallex Bank. It helps us to materialise our strategy of building ecosystem partnerships to support critical sectors of Nigeria’s economy for growth and development. We will engage in product-based collaborations to increase transaction mileage in specific and strategic segments, such as the creative industry, women-owned and managed businesses, among others. Parallex Bank remains committed to promoting business growth in Africa and contributing to the development of the continent.
In addition to the US$10 million trade finance facility, Afreximbank will provide Parallex Bank with technical assistance in capacity development and other training programs geared towards solidifying the relationship between the two institutions.
Parallex Bank Limited is a commercial bank licensed by the Central Bank of Nigeria (CBN). The Bank leverages digital innovation, best-in-class talent, growing brand equity in the marketplace, and customer-centric and flexible products and services to provide banking services to Retail, MSMEs, and Commercial and Corporate and Institutional Banking clients.
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. For 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa.
A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA.
Working with the AfCFTA Secretariat and the AU, the Bank is setting up a US$10 billion Adjustment Fund to support countries in effectively participating in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at about US$28 billion, and its shareholder funds amounted to US$5.2 billion. The Bank disbursed more than US$86 billion between 2016 and 2022. Afreximbank has ratings assigned by GCR (international scale) (A), Moody’s (Baa1), Japan Credit Rating Agency (JCR) (A-), and Fitch (BBB).
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