African Export-Import Financial institution (Afreximbank) has offered a $10 million commerce finance facility to Nigeria’s Parallex Financial institution Restricted.
Parallex Financial institution in a press release stated the financing is deployed underneath Afreximbank’s Commerce Facilitation Programme (AfTRAF), which is a part of the Financial institution’s technique to help African banks to boost and complement present commerce finance strains.
“The $10 million financing facility shall be utilized by Parallex Financial institution to facilitate, by on-lending, entry to cross-border commerce finance for small and medium-sized enterprises (SME), and to create strains of credit score for companies working within the agriculture, export business, well being, training and renewable power sectors. The funds can even assist different pan-African enterprise alternatives for Parallex Financial institution’s rising SME section, in addition to for rising business and company banking companies, “it stated.
President and Chairman of the Board of Administrators of Afreximbank,Prof. Benedict Oramah, commented: “We\’re happy to proceed to develop the AfTRAF programme throughout Africa. This financing facility offered to Parallex Financial institution comes along with different commerce services already in use by our different associate banks in Nigeria and all through the continent to assist bridge the financing hole created by the withdrawal of worldwide correspondent banks.”
MD/CEO of Parallex Financial institution, Mr. Olufemi Bakre stated: “This facility underscores the arrogance that Afreximbank has in Parallex Financial institution. It helps us to materialise our technique of constructing ecosystem partnerships to assist important sectors of Nigeria’s economic system for progress and growth. We\’ll interact in product-based collaborations to extend transaction mileage in particular and strategic segments, such because the artistic business, women-owned and managed companies, amongst others. Parallex Financial institution stays dedicated to selling enterprise progress in Africa and contributing to the event of the continent.”