Afreximbank Recognised For Role in Africa’s Fight Against COVID-19

Categories: Press Releases

Cairo, 02 July 2021: – African Export-Import Bank (Afreximbank) has been recognized by Global Trade Review (GTR) as Leader in Trade for Pandemic Support and ranked by Global Finance Magazine, in its annual World’s Best Investment Bank’s list 2021, as the best bank offering Crisis Finance Solutions in Africa in the fight against the COVID-19 pandemic.

These recognitions were as a result of Afreximbank’s swift action at the beginning of the pandemic when the Bank launched its Pandemic Trade Impact Mitigation facility (PATIMFA) in March 2020 and the US$1.5bn Collaborative Covid-19 Pandemic Response Facility (Coprefa) in November 2020. PATIMFA played a key role in supporting Afreximbank’s member countries to mitigate and manage the financial, economic and health effects of the coronavirus outbreak on the continent, while COPREFA supported African economies to weather commodity price shocks and procurement of medical supplies.

The Global Trade Review (GTR), a world-class independent publishing and events company for companies and individuals involved in global trade, recognized Afreximbank’s quick action to curb the impact of the pandemic. GTR notes that the Afreximbank facilities helped countries battle the detrimental economic and health effects of the pandemic, giving them funding for the procurement of healthcare goods, food and agricultural inputs. The Bank was also recognized for setting up the US$1.5bn Collaborative Covid-19 Pandemic Response Facility (Coprefa) alongside the International Islamic Trade Finance Corporation and the Arab Bank for Economic Development.

Global Finance Magazine named Afreximbank as the continent’s best bank offering Crisis Finance Solutions on its list of World’s Best Investment Bank’s 2021. This was due to the swift action in supporting member countries brace for the impact of COVID-19 and the magazine noted that Afreximbank activated its business continuity management plan within days of the pandemic to prevent service interruptions. It also noted that PATIMFA was essential to help countries, disbursing over $6.5 billion to date.

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About Afreximbank

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. The Bank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed more than US$6.5 billion in 2020 to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has completed the development of a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB-). The Bank is headquartered in Cairo, Egypt.

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Amadou Labba Sall;