EIB and Afreximbank extends €300m of support to African Covid response

The EIB and the African Export-Import Bank (Afreximbank) are directing €300 million ($355 million)of financing to support the resilience and recovery of African nations in response to the Covid-19 pandemic.

The funds will ensure businesses across the continent have the working capital to sustain jobs and maintain vital imports. It also earmarks at least a quarter of the capital for climate change mitigation and adaptation, helping Africa maximise the opportunities of a green recovery.

The support for sub-Saharan Africa delivered with Afreximbank is structured in two parts. The package redeploys €200 million of funds previously allocated to trade-related investments, directing them specifically to sectors most impacted by the pandemic. Recognising the pressing need for support, Afreximbank and the EIB are also injecting a further EUR 100m to the package