Afreximbank joins the International Islamic Trade Finance Corporation (ITFC) and the Arab Bank of Economic Development in Africa (BADEA) to launch the Collaborative covid-19 Pandemic Response Facility (Coprefa). This $1.5 billion facility is designed to ease access to financing for businesses operating in the health and agricultural sectors across the continent. It will finance the import of medical supplies and agricultural equipment and fertilizers.

In a statement issued on November 4, IFTC indicated that the resources will be managed by African central and commercial banks. They will be granted in the form of direct financing, credit line, documentary credits, and other similar instruments.

“Coprefa is also designed to support African economies to overcome a myriad of challenges, including commodity price shocks, a significant drop in tourism, and disruption to supply chains and export manufacturing. It will also address the sudden declines in financial flows, including a drop-off in trade and project finance, migrant remittances, portfolio investment, and Foreign Direct Investments,” IFTC said.

Chamberline Moko