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According to the United Nations Economic Commission for Africa, African markets urgently need $100 billion to provide fiscal support for the response to COVID-19. Raising this sum will require a global effort, but the African Export-Import Bank (Afreximbank) is leading the continental response with innovative solutions. Designed as the trade finance bank for Africa, Afreximbank has rapidly assembled a $3 billion facility to help cover member countries’ trade and debt obligations in the wake of COVID-19, and has set aside $200 million of this fund for financing the personal protective equipment (PPE) needed to safeguard African medical professionals and frontline workers. It has also provided $3 million in direct grant assistance. But even these interventions, as meaningful as they are, will not be enough to soften the blow felt by the average African. Additional innovation is needed, including assistance to the informal sector and creative industries—with Afreximbank’s $500 million fund to support the production and trade of creative goods serving as a laudable example.
Watch the webcast above or read the event recap below of the Atlantic Council Africa Center’s timely virtual conversation, featuring Prof. Benedict Oramah, President and Chairman of the Board of Directors of the African Export-Import Bank, with moderation from Africa Center Senior Fellow Ms. Aubrey Hruby.
Prof. Benedict Oramah
President and Chairman of the Board of Directors
African Export-Import Bank
Ms. Aubrey Hruby
Senior Fellow, Africa Center
Welcome and introduction by
Ms. Bronwyn Bruton
Director of Programs and Studies, Africa Center
This event will not feature an in-person audience. You will be able to join via desktop or mobile app, through your web browser, or by phone. To join the question and answer period, you must join by app or web.
Register below for details on joining the virtual audience.