TAJBank, Nigeria’s most innovative Non-Interest Bank, has announced a $5m credit facility from the African Export–Import Bank (AFREXIM).
The memorandum of understanding (MoU) with the African Export–Import Bank (Afreximbank) was signed earlier in the month with the senior executives of TAJBank and the African Export–Import Bank in attendance.
The credit facility will facilitate the partnership between TAJBank and AFREXIM with regards to funding of transactions, which will involve the provision of short and long-term liabilities for trade related projects in Nigeria. The credit facility will also support critical imports and maintain foreign currency trade flows.
In a brief statement signed by the COO/Founder TAJBank, Mr Hamid Joda, he noted that “this facility grant is a testament to the trust and confidence reposed in TAJBank.”
He stated that the facility will also enable the bank to maximise its focus on, and support of TAJBank’s customers in various sectors by providing them with export finance.
The African Export–Import Bank, also referred to as AFREXIM, is a pan-African multilateral trade finance institution created in 1993 under the auspices of the African Development Bank. It is headquartered in Cairo, Egypt.