Afreximbank Announces 3 Billion USD Credit Facility for Africa (March 25, 2020)

African Export Import Bank (Afreximbank) announced that it will provide a three-billion-US dollar credit facility to help African countries overcome the effects of the coronavirus (CO VID-19) pandemic.

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

“Africa is exposed on many fronts, significant declines in tourism earnings, migrant remittances, commodity prices and disruption of manufacturing supply chains,” African Export Import Bank President Benedict Oromah was quoted as saying.

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