Afreximbank announces $ 3 million grant for African countries

The African Import-Export Bank (Afreximbank) announced a donation of $ 3 million to support continental efforts to fight the COVID-19 pandemic.

The president of Afreximbank, who made the announcement on Thursday, said that the donation was a response to the call for resource mobilization launched by African heads of state through the President-in-Office of the African Union, the South African President Cyril Ramaphosa.

Professor Oramah pointed out that a significant part of this grant would go to the Special Fund against COVID-19 set up by the African Union (AU) as well as to the African Center for Disease Control and Prevention (Africa CDC).

“We hope that our modest contribution will help meet some immediate needs. We call on other African banks, funds, companies and charities to also contribute to the relief needs, ”said the President of Afreximbank. He also said the Bank is working with the United Nations Economic Commission for Africa (ECA) and the AU to help mobilize funds for efforts to mitigate the effects of the COVID-19 pandemic in Africa.

Stressing the need for broad institutional support for efforts to combat COVID-19, Professor Oramah argued that “no country or institution will be able to meet the challenge of the pandemic alone. “

Afreximbank’s subsidy is in addition to several other initiatives that the Bank is implementing, such as the Pandemic Impact Reduction System for Trade (PATIMFA), in the amount of $ 3 billion , which Afreximbank launched in March to help African countries cope with the economic and health impacts of the COVID-19 pandemic.

Afreximbank has also set aside $ 200 million to finance the production in Africa of medical equipment and other medical supplies against COVID-19.

President Oramah said that resource constraints and the urgency of response on the ground require significant funding in the form of grants to ensure adequate support for emergency response to the pandemic.

Afreximbank is known for providing support to African countries in times of crisis. In November 2014, the Bank contributed $ 1 million to efforts to fight the Ebola virus disease epidemic in several West African countries. In 2019, Afreximbank also donated $ 1.5 million to southern African countries to support relief efforts for victims of tropical cyclone Idai.

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Press contact: Amadou Labba Sall (asall@afreximbank.com; Tel. + 202-2456-4085)

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About Afreximbank: The African Import-Export Bank (Afreximbank) is the first pan-African multilateral financial institution dedicated to financing and promoting intra and extra-African trade. The Bank was created in October 1993 by African governments, African private and institutional investors and non-African investors. Its two basic constituent documents are the Establishment Agreement, which confers on it the status of international organization, and the Charter, which governs its structure and functioning. Elected African banker of the year in 2019, Afreximbank approved, in 2018, more than $ 7 billion in financing to African companies. As of December 31, 2018, Afreximbank’s total assets were $ 13.4 billion. Afreximbank is rated A- by GCR International Scale, Baa1 by Moody’s and BBB- by Fitch. The Bank is headquartered in Cairo, Egypt. For further information please visit:www.afreximbank.com

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