The fund will also allow the bank to on-lend to eligible sub-borrowers involved in the manufacture and supply of medical resources needed to combat the COVID-19 pandemic.
President of Afreximbank, Prof. Benedict Oramah said: “PATIMFA is designed to support and stabilize the foreign exchange resources of African countries, enabling them to support critical imports under emergency conditions.
“We are pleased to contribute to keeping economies going, especially during this pandemic. The role that banks such as Zenith Bank play in Africa is huge.
“Supporting them to carry out their mandate is our greatest contribution to making sure that African countries and institutions build back better from the shocks of the pandemic.”
Also speaking on the facility, Mr Ebenezer Onyeagwu, the Group Managing Director and Chief Executive of Zenith Bank said: “The Afreximbank facility undoubtedly underscores the confidence reposed in Zenith Bank.
“It will enable the bank to contribute to the fight against the COVID-19 pandemic by providing trade finance and foreign currency funding for the importation of urgent medical equipment and raw materials.”
Zenith Bank Plc is a Tier-1 capital bank with a network of over 500 branches across Nigeria and its subsidiaries internationally.
PATIMFA was set up in March 2020 to provide financing to assist Afreximbank member countries.
The facility is to enable countries to adjust in an orderly manner to the financial, economic and health services shocks caused by the COVID-19 pandemic.
The three-year medium-term facility has been availed through direct funding.
Afreximbank has already disbursed more than 3.5 billion dollars under PATIMFA.
The bank provided a grant of three million dollars toward the COVID-19 Special Fund set up by the African Union as well as to the African Center for Disease Control and other agencies.