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Afreximbank creates $3bn pandemic facility for Africa

The Cairo-based African Export Import Bank (Afreximbank) has announced a $3bn credit facility to help African countries overcome the effects of the coronavirus pandemic.

The Pandemic Trade Impact Mitigation Facility will help support foreign exchange reserves and assist commodity exporters with declining revenues, the bank said in a statement released yesterday.

“Africa is exposed on many fronts, including significant declines in tourism earnings, migrant remittances, commodity prices and disruption of manufacturing supply chains,” said the president Benedict Oromah.

“A rapid and impactful financial response is required to avert a major crisis in Africa.”

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