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The European Investment Bank (EIB) and African Export-Import Bank (Afreximbank) have directed Euro 300 million financing to support the resilience and recovery of African nations in response to the COVID-19 pandemic.

“The funds will ensure that businesses across the continent have the working capital to sustain jobs and maintain vital imports and it also earmarks at least a quarter of the capital for climate change mitigation and adaptation,” a media statement shared by Afreximbank indicates.

“The COVID-19 pandemic is inflicting an unprecedented negative impact on African economies, just as it has on nations around the globe. Manufacturing has been impacted by disruptions in global supply chains. Meanwhile, migrant remittances to some of the poorest economies in the world have dwindled, exposing the most vulnerable in those markets to exacerbated difficulties,” the statement reads.

A portion of the Afreximbank and EIB support package will be targeted at enabling cross-border trade in medical supplies and equipment essential for slowing the spread of COVID-19. In addition, the support package will provide financing to long-term investments in trade expansion, helping both the availability of goods and growth in economic prosperity, it adds.

Two key focus areas in Africa are on women in business and the Green Revolution.

“A portion of the package will target businesses owned or managed by women, and at least 25 per cent of the funds allocated under the partnership will be earmarked for green projects, such as renewable power, energy efficiency and climate change adaptation measures,” the statement said.

Source: Namibia Press Agency