Fibank Partners Afreximbank, Secures USD13M Line
The First International Bank (Liberia) Limited has been granted a USD13 Million Line by the African Export-Import Bank, Headquarters in Cairo Egypt, to support its cross border trade activities in Liberia. Of the amount USD3 million is directly to the bank while the remaining of USD 10 Million is on Non-recourse basis.
The Non-recourse basis allows First international Bank to introduce eligible transactions and customers for export and import and for financing to Afreximbank, and serve as local facilitators while the collaterals will be pledge directly to Afreximbank.
Addressing joujrnalists at Fibank’s corporate office on Broad Street, Monrovia, opposite the Sports Commission, the Managing Director and Chief Executive of Fibank, Mr. Sylva Ashimole, declared that the partnership between Fibank and Afreximbank is the first of its kind in the financial history of Liberia.
Meanwhile Mr. Ashimole has disclosed that Fibank has recorded over one thousand percentage growth in its total Deposit and Balance Sheet in the past eighteen months; Mr. Ashimole attributed this phenomenal growth to the hard work, loyalty and commitment of the staff, and substantial improvement in the Bank’s corporate governance.
Afreximbank, owned by African countries and multilateral institutions both within and outside Africa, is the leading development bank in Africa committed to trade finance, tourism and projects finance across the African Continent.