• About
  • Contact Us
Friday, March 24, 2023
The Gist Day
No Result
View All Result
  • Login
  • News
    • All
    • National
    Appeal court upholds Adeleke’s candidacy in Osun governorship election

    BREAKING: Adeleke Wins As Appeal Court Reinstates Him as Osun governor

    NNPC Ltd. Is Not Recruiting - Spokesman

    Fuel Subsidy: Nigeria loses enormous infrastructure development worth trillions of Naira — NNPCL

    Labour Party presidential candidate, Peter Obi, addresses the press at his hometown in Agulu, Anambra state {PHOTOS}

    Ramadan: Atiku urges Muslims to seek spiritual guidance, peace

    Gov Yahaya mourns ex-Gombe Speaker Nasiru Nono

    Gov Yahaya mourns ex-Gombe Speaker Nasiru Nono

    Ike Ekweremadu

    Ekweremadu, Wife, Doctor Found Guilty Of Organ Trafficking

    Wike Issues AIT Quit Notice, Orders Media House to Vacate Premises in 48 Hours

    Wike Issues AIT Quit Notice, Orders Media House to Vacate Premises in 48 Hours

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
  • News
    • All
    • National
    Appeal court upholds Adeleke’s candidacy in Osun governorship election

    BREAKING: Adeleke Wins As Appeal Court Reinstates Him as Osun governor

    NNPC Ltd. Is Not Recruiting - Spokesman

    Fuel Subsidy: Nigeria loses enormous infrastructure development worth trillions of Naira — NNPCL

    Labour Party presidential candidate, Peter Obi, addresses the press at his hometown in Agulu, Anambra state {PHOTOS}

    Ramadan: Atiku urges Muslims to seek spiritual guidance, peace

    Gov Yahaya mourns ex-Gombe Speaker Nasiru Nono

    Gov Yahaya mourns ex-Gombe Speaker Nasiru Nono

    Ike Ekweremadu

    Ekweremadu, Wife, Doctor Found Guilty Of Organ Trafficking

    Wike Issues AIT Quit Notice, Orders Media House to Vacate Premises in 48 Hours

    Wike Issues AIT Quit Notice, Orders Media House to Vacate Premises in 48 Hours

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
No Result
View All Result
Morning News
No Result
View All Result
Home Business

Afreximbank Announces $3-Billion Facility to Cushion Impact of COVID-19

Emmanuel Onminyi by Emmanuel Onminyi
March 27, 2020
in Business, Coronavirus, Health, News
0
Afreximbank COVID-19 Pandemic Countries
0
SHARES
39
VIEWS
Share on FacebookShare on Twitter

Cairo, 24 March 2020: – The African Export-Import Bank (Afreximbank) has announced a $3-billion facility, named Pandemic Trade Impact Mitigation Facility (PATIMFA), to help African countries deal with the economic and health impacts of the COVID-19 pandemic.

READ ALSO: Coronavirus: Nigeria’s Richest Woman Donates Items Worth Millions

READ ALSO

BREAKING: Adeleke Wins As Appeal Court Reinstates Him as Osun governor

Estonia ranks as easiest European country to obtain a work visa; apply for jobs via official website

PATIMFA, approved by the Bank’s Board of Directors during its sitting on 20 March, will provide financing to assist Afreximbank member countries to adjust in an orderly manner to the financial, economic and health services shocks caused by the COVID-19 pandemic, according to information released by the Bank.

It will support member country central banks, and other financial institutions to meet trade debt payments that fall due and to avert trade payment defaults, said Afreximbank. It will also be available to support and stabilize the foreign exchange resources of central banks of member countries, enabling them to support critical imports under emergency conditions.

In addition, PATIMFA will assist member countries whose fiscal revenues are tied to specific export revenues, such as mineral royalties, to manage any sudden fiscal revenue declines as a result of reduced export earnings. It will also provide emergency trade finance facilities for import of urgent needs to combat the pandemic, including medicine, medical equipment, hospital refitting, etc.

The facility will be available through direct funding, lines of credit, guarantees, cross-currency swaps and other similar instruments, according to Afreximbank.

Explaining the rationale for the facility, Prof. Benedict Oramah, President of Afreximbank, noted that the COVID-19 pandemic brought with it considerable suffering and major economic disruptions.

“Besides its worrying effect on human life, the pandemic is projected to cost the global economy up to $1 trillion and to result in a significant 0.4 per cent decline in global GDP growth, which is expected to drop from 2.9 per cent in 2019 to 2.5 per cent in 2020,” he said.

“A rapid and impactful financial response is required to avert a major crisis in Africa,” he said, pointing out that “Africa is exposed in many fronts, including significant declines in tourism earnings, migrant remittances, commodity prices and disruption of manufacturing supply chains.”

Afreximbank had already seen sharp pandemic-induced declines in commodity prices, a sudden significant drop in tourism earnings, disruptions in supply chains, and closure of export manufacturing facilities, said the President. The impact on medical supplies and medical systems in many markets had also been unprecedented.

He said that Afreximbank would work with multilateral development banks that had put in place financial assistance programmes in order to secure support to help African countries deal with adverse external shocks and crises arising from the pandemic.

Afreximbank has a history of providing support to African economies in times of economic crisis.

During the 2015 economic crisis, it introduced a Counter-Cyclical Trade Liquidity Facility under which it disbursed more than $10 billion on a revolving basis to enable member countries adjust to the adverse economic shocks. That facility helped key African economies to manage that crisis and recover swiftly.

Tags: AfreximbankAfricaCoronavirusProf. Benedict Oramah

Related Posts

Appeal court upholds Adeleke’s candidacy in Osun governorship election
News

BREAKING: Adeleke Wins As Appeal Court Reinstates Him as Osun governor

March 24, 2023
Estonia ranks as easiest European country to obtain a work visa; apply for jobs via official website
Business

Estonia ranks as easiest European country to obtain a work visa; apply for jobs via official website

March 24, 2023
Dangote Wins ECOWAS Manufacturing Excellence Awards
Business

Dangote Cement to pay about N340billion dividend on Friday, April 14th

March 24, 2023
Nigeria Naira Exchange Rate
Business

Naira falls to dollar, exchanges at N461.67

March 24, 2023
Nigeria Air will fly before May 29 – Sirika
Business

Nigeria Air will fly before May 29 – Sirika

March 24, 2023
NNPC Ltd. Is Not Recruiting - Spokesman
News

Fuel Subsidy: Nigeria loses enormous infrastructure development worth trillions of Naira — NNPCL

March 24, 2023

glo
app




app
GTBank ADs GTBank ADs GTBank ADs

LATEST NEWS

Let Lagos State Be by Femi Okunnu, SAN

Let Lagos State Be by Femi Okunnu, SAN

March 23, 2023
Neo Reacts After Man Threatens To Beat Up His Girlfriend, Vee

“I didn’t expect to be hurt” BBNaija’s Vee Iye opens up on her break-up with Neo Akpofure (Video)

March 23, 2023
Broda Shaggi say he makes over ₦‎20 million a month from creating contents

Broda Shaggi say he makes over ₦‎20 million a month from creating contents

March 24, 2023
Estonia ranks as easiest European country to obtain a work visa; apply for jobs via official website

Estonia ranks as easiest European country to obtain a work visa; apply for jobs via official website

March 24, 2023
Dollar To Naira Black Market Exchange Rate Today 23rd December 2022

Dollar To Naira Black Market Exchange Rate Today 23rd March 2023

March 23, 2023

EDITOR'S PICK

NDLEA Raids Instagram Comedian DeGeneral’s House

NDLEA Raids Instagram Comedian DeGeneral’s House

January 13, 2022
Okowa’s aide Lauds Police For Repelling Delta Community Attackers

Okowa’s aide Lauds Police For Repelling Delta Community Attackers

August 2, 2022
Mrs. Furera Isma Jumare, Union Bank of Nigeria Plc

Furera Jumare Resigns from Union Bank Board Following Appointment by Jigawa State

October 19, 2020

Delta Deputy Governor’s Aide, Franklin Brialade, Buries Mother In Grand Style

September 20, 2021

About

We bring you the stories that perfect for news, finance, politics etc. Check our landing page for details.

Follow us

Categories

  • A Call to Prayer
  • Agriculture
  • Appointments
  • Business
  • Celebrities
  • Coronavirus
  • Corporate Amazon
  • Economy
  • Education
  • Entertainment
  • Environment
  • Fashion
  • Financial Literacy
  • From the Kaaba
  • From the Pulpit
  • Gist & Jabs
  • Health
  • Jobmart
  • Lifestyle
  • Living
  • Metro Gist
  • National
  • News
  • Op-Ed
  • Opinion
  • Politics
  • Press Release
  • Religion
  • Sport
  • State News
  • Tech
  • Tourism
  • Travel
  • Uncategorized
  • World News

Recent Posts

  • BREAKING: Adeleke Wins As Appeal Court Reinstates Him as Osun governor
  • Cops swarm Rihanna’s house as man shows up to propose
  • Oluwo of Iwo unveil daughter, names her after Olofin Adimula
  • Broda Shaggi say he makes over ₦‎20 million a month from creating contents
  • Disclaimer
  • Google Adsense
  • Home 2
  • Ikoyi building collapse: Corper who redeployed from Borno to Lagos, confirmed dead
  • Leaked Conversation: There Will Know Peace Until Hope Uzodimma Leaves Government House – Emeka Ihedioha
  • MAN Condemns Invasion Of Dangote Cement Plant By Kogi State Govt
  • Privacy Policy
  • Sample Page
  • TheGistDay
  • Whitemoney And New Lady Spotted Stepping Out Of Hotel Together (Video)

© 2022 TheGistDay.

No Result
View All Result
  • News
  • Business
  • National
  • Politics
  • Opinion
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel

© 2022 TheGistDay.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In