Afreximbank, ITFC, and Badea launch COVID-19 pandemic response facility in Africa

Tuesday 10 November 2020 13:42 CET | News

The African Export-Import Bank (Afreximbank) has announced a new USD 1.5 billion pandemic response facility in a partnership with the ITFC and Badea, according to Global Trade Review.

With the help of the International Islamic Trade Finance Corporation (ITFC) and the Arab Bank for Economic Development in Africa (Badea), the COVID-19 pandemic response facility (COPREFA) will offer financial assistance to help African countries with the import of medical supplies, as well as agricultural equipment and fertilisers.

Eligible central banks, commercial banks and businesses on the continent will be able to get COPREFA support from Afreximbank, ITFC or BADEA, which will come in the form of direct funding, lines of credit, confirmation and refinancing of documentary credits, guarantees, cross-currency swaps and other similar instruments.

As Global Trade Review presents, the joint statement adds that a key attribute of the COPREFA facility is the speed at which financial assistance can be provided, with standard eligibility criteria and credit appraisal processes having been developed by COPREFA partners so that applicants can get their hands on financial assistance quickly.

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Keywords: Afreximbank, ITFC, Badea, COVID-19, Africa, partnership, financial assistance, COPREFA, funding
Categories: Banking & Fintech
Countries: Africa
This article is part of category

Banking & Fintech