Audio By Carbonatix
The African Export Import Bank is creating a $3 billion credit facility to help African countries overcome the effects of the coronavirus pandemic, Afreximbank announced in a statement.
The Pandemic Trade Impact Mitigation Facility will help countries avoid trade payment defaults, support foreign exchange reserves and assist commodities exporters struggling with declining revenues, the statement, released late on Tuesday, said.
“Africa is exposed on many fronts, including significant declines in tourism earnings, migrant remittances, commodity prices and disruption of manufacturing supply chains,” said Benedict Oramah, president of the Cairo-based bank.
“A rapid and impactful financial response is required to avert a major crisis in Africa.”
The pandemic is expected to strain Africa’s under-equipped health systems.
Many African countries are already reeling from declining oil and commodities prices. And weakening local currencies are making it more expensive to service foreign currency-denominated debt.
Latest Stories
-
Dr Abena Nyarkoa to join panel discussion at Africa Together Conference in Cambridge
2 hours -
Walmart warns US shoppers are cutting spending as higher petrol prices bite
3 hours -
Flexible exchange rate regime critical in absorbing external shocks – First Deputy Governor
3 hours -
Toilets and changing rooms must be used on basis of biological sex, guidance confirms
3 hours -
Emily in Paris to end after sixth season, says Netflix
3 hours -
Angry crowd sets Ebola hospital tents on fire in DR Congo
3 hours -
Russia and China condemn US over indictment of former Cuban leader
3 hours -
Bank of Ghana reverts to previous Cash Reserve Ratio policy after scrapping it last year
3 hours -
Ghana-eligible defender Beres Owusu signs permanent deal with Grazer AK
4 hours -
A Super El Niño is coming: What does it mean for Ghana?
4 hours -
Driving Schools Association pushes for mandatory driver training to reduce road crashes
4 hours -
Climate change exists with or without humans — Youth advocate
5 hours -
Plastic waste driving flooding and climate concerns in Bamaahu — Youth Climate Reporter
5 hours -
This week on The Career Trail
5 hours -
My book was born out of university research – Mary Anane Awuku
5 hours