Banking

Parallex Bank gets Afreximbank’s $10m trade facility

Nigeria’s Parallex Bank Ltd. has received $10 million trade finance facility from the African Export-Import Bank (Afreximbank) for Small and Medium-sized Enterprises (SMEs).

Managing Director/Chief Executive Officer of Parallex Bank, Dr. Femi Bakre, said the financing, deployed under the Afreximbank’s Trade Facilitation Programme (AfTRAF), was part of the bank’s strategies to assist African banks to enhance and complement existing trade finance lines.

He added that the funds would be used to create lines of credit for businesses operating in the agriculture, export industry, health, education and renewable energy sectors.

Bakre said the funds would support other Pan-African business opportunities for Parallex Bank’s growing SME segment as well as for emerging commercial and corporate banking businesses.

He said the facility underscored the confidence that Afreximbank had 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.

“In addition to the $10 million trade finance facility, Afreximbank will provide Parallex Bank with technical assistance in capacity development and other training programmes geared towards solidifying the relationship between the two institutions,” Bakre said.

Bakre quoted Prof. Benedict Oramah, the President/Chairman of the Board of Directors of Afreximbank, as saying that the bank was pleased to continue to expand the AfTRAF programme across Africa.

The Star