Afreximbank Announces $3-Million COVID-19 Response Grant for African Countries

Must Read

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

The African Export-Import Bank (Afreximbank) has announced a $3-million grant to complement continental efforts to combat the COVID-19 pandemic.

Afreximbank President Prof. Benedict Oramah, who made the announcement in Cairo, said that the grant was in response to a request by African heads of state, through the auspices of the African Union Chair Person, Cyril Ramaphosa, President of South Africa, for the mobilisation of resources to address the pandemic.

He said that a significant proportion of the grant would go to the COVID-19 Special Fund set up by the African Union (AU) as well as to the African Center for Disease Control (Africa CDC).

“We hope that our modest contribution will help to address some of the immediate needs. We encourage other African banks, funds, corporations and charitable organisations to also contribute to the relief effort,” said Prof. Oramah, who noted that Afreximbank was working with the United Nations Economic Commission for Africa (ECA) and the AU to help mobilise grant funding for the COVID-19 mitigation responses.

- Advertisement -

Highlighting the need for wide institutional support for the COVID-19 response effort, he said that “no one country or institution will be able to rise to the challenge of the pandemic on its own.”

Afreximbank’s grant support comes in addition to several initiatives the Bank is taking to support the effort in fighting the pandemic, such as the $3-billion Pandemic Trade Impact Mitigation Facility (PATIMFA), which it launched in March, to help African countries deal with the economic and health impacts of the COVID-19 pandemic.

Read Also:  GE Healthcare Launches New AI Suite to Detect Chest X-ray Abnormalities, Including Pneumonia Caused by COVID-19 & Tuberculosis

The Bank has also set aside an amount of $200 million for use in financing the production of COVID-19 equipment and supplies within Africa.

President Oramah said that the resource constraints and urgent nature of interventions on the ground required significant grant financing to ensure timely support for emergency interventions in combating the pandemic.

- Advertisement -

Afreximbank has a history of intervening in support of African countries in times of crisis. In November 2014, the Bank contributed $1 million to the effort to combat the outbreak of the Ebola virus disease which affected several countries in West Africa. In 2019, Afreximbank donated $1.5 million to countries in Southern Africa to support relief efforts for victims of Tropical Cyclone Idai.

- Advertisement -
Afreximbank Announces $3-Million COVID-19 Response Grant for African Countries - Brand SpurAfreximbank Announces $3-Million COVID-19 Response Grant for African Countries - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Afreximbank Announces $3-Million COVID-19 Response Grant for African Countries - Brand SpurAfreximbank Announces $3-Million COVID-19 Response Grant for African Countries - Brand Spur

Latest News

Why the South African Rand is 2nd-best performing EM currency

Since the onset of the COVID-19 pandemic, foreign exchange markets experienced a whirlwind of volatility as movement restrictions and...

Weststar Increases Product Portfolio with Mercedes-Benz Axor

Weststar Associates Limited, Authorized General Distributor of Mercedes-Benz in Nigeria, has announced Mercedes-Benz Axor as its new offering for commercial vehicle fleet owners in...

Ellah Lakes announces a joint venture with Ondo State for the development of Oil Palm and Cassava Plantation

Lagos, November 27, 2020: Ellah Lakes Plc (Ellah Lakes) is happy to announce that it has executed an agreement with Ondo State Government for...

GOtv Nigeria: For the Love of Local Entertainment

In two days, a new cooking and lifestyle show will debut on GOtv, the digital terrestrial television platform from MultiChoice Nigeria. Titled 'Jollof With...

NSE, PRI Collaborate to Host Webinar on Responsible Investing

The Nigerian Stock Exchange (NSE) will collaborate with the Principles for Responsible Investment (PRI) to host a webinar on Responsible Investing (RI) and Economic,...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Afreximbank Announces $3-Million COVID-19 Response Grant for African Countries - Brand SpurAfreximbank Announces $3-Million COVID-19 Response Grant for African Countries - Brand Spur