After disbursing more than $7bn to fight against Covid-19 and supporting the deployment of the African Continental Free Trade Area (AfCFTA), Afreximbank is preparing to implement a new “boost” to the economy. This time, it seeks to combat the economic consequences associated with the war in Ukraine.
On 31 March, the bank’s board of directors approved the launch of a trade finance programme designed “to assist African countries’ adjustment.” Called “UKAFPA”, for Ukraine Crisis Trade Financing Programme for Africa, this programme – which has been endowed with a sum of $4bn – aims to set up lines of credit for African economies and companies.
On a continent that imports nearly two-thirds of the wheat it consumes, the impact on countries exposed to soaring wheat prices is tangible. In particular because 8.3% of wheat comes from Ukraine and 22% from Russia, with which trade is now likely to
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