Afreximbank creates Sh318 billion pandemic credit facility for Africa

The African Export Import Bank is creating a Sh318 billion ($3 billion) credit facility to help African countries overcome the effects of the coronavirus pandemic, Afreximbank announced in a statement.

The Pandemic Trade Impact Mitigation Facility will help countries avoid trade payment defaults, support foreign exchange reserves and assist commodities exporters struggling with declining revenues, the statement, released late on Tuesday, said.