COVID-19: Afreximbank and EIB set €300m aside to support Africa’s response

COVID-19: Afreximbank and EIB set €300m aside to support Africa’s response

- African Export-Import Bank (Afreximbank) and European Investment Bank (EIB) have set €300 million aside to combat COVID-19

- The fund would be put to various uses such as ensuring businesses in Africa have the working capital to sustain jobs and maintain vital imports

- It would also be used for enabling cross-border trade in medical supplies and equipment

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The African Export-Import Bank (Afreximbank) has teamed up with the European Investment Bank (EIB) to provide €300 million to combat the coronavirus in Africa.

YEN.com.gh understands that the fund will help provide working capital for businesses across the continent.

It is hoped that this would help sustain jobs, maintain vital imports and help with measures to mitigate the effects of climate in order to help Africa maximize the opportunities of a green recovery.

COVID-19: Afreximbank and EIB set €300m aside to support Africa’s response
Prof. Benedict Oramah, President of Afreximbank Source: thebftonline.com
Source: UGC

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Per a report by thebftonline.com the funds will also ensure businesses across the continent have the working capital to sustain jobs and maintain vital imports.

It also earmarks at least a quarter of the capital for climate change mitigation and adaptation, helping respond to the immediate health crisis, mitigate social and economic impacts, and build resilience for the future.

Information available shows that a portion of the Afreximbank and EIB support package will be targeted at enabling cross-border trade in medical supplies and equipment essential for slowing the spread of COVID-19.

In addition, the support package will provide financing to long-term investments in trade expansion, helping both the availability of goods and growth in economic prosperity.

In other news, the African Development Bank (AfDB) has approved a $69 million grant to Ghana to combat the outbreak of the coronavirus.

The decision was reached on Friday, July 24, 2020, and is intended to help reduce the socio-economic impact of the coronavirus on Ghana.

The grant was received from the African Development Fund (ADF), which is the concessional arm of the AfDB.

READ ALSO: EBID supports member states with almost $3 billion

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Source: Yen

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