Afreximbank supports African trade with billions of dollars

Boost for trade on the continent. The African Import-Export Bank will make available to its member countries $ 3 billion in the form of a pandemic trade impact mitigation facility (PATIMFA) to mitigate the impact of the pandemic. It will be deployed, among other things, in the form of direct financing, credit lines, guarantees and currency swaps, the institution said in a press release.

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The purpose of this $ 3 billion facility is to provide central banks with the means to support critical imports in emergency conditions, avoid commercial defaults, and support and stabilize their foreign exchange resources. The objective is also to support African economies to cope with the spectacular drops in tax revenues, particularly whose tax revenues are highly dependent on specific export revenues including mining royalties. PATIMFA will also finance the importation of urgent needs to fight the pandemic such as drugs and medical equipment.

Limit breakage after 1,000 billion

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