(Ecofin Agency) - The African Export-Import Bank (Afreximbank) is investing $3 million to support the fight against the coronavirus pandemic on the continent.

According to the bank’s president Benedict Oramah, the amount will fund the Covid-19 Special Fund set up by the African Union (AU) as well as the African Center for Disease Control (Africa CDC). Still, as part of the fight against this pandemic, Afreximbank has also secured $200 million to finance the production of medical equipment on the continent.

“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,” the bank’s president said.

In March this year, Afreximbank launched a $3 billion financing vehicle named Pandemic Trade Impact Mitigation Facility (PATIMFA) to help African countries face the economic and health impact stemming from the crisis.

André Chadrak