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    Africa Finance Corporation Launches $2 Billion Facility to Support Economic Recovery in Africa

    Posted On 17 May 2022
    By : New Africa Business News, Staff Correspondent
    Comment: 0

    By Richard Adorsu-

    Photo Credit: ClipartMax

    NEW AFRICA BUSINESS NEWS (NABN) Accra GHANA- In response to economic challenges created by the global pandemic and the Russia-Ukraine conflict, Africa Finance Corporation (AFC) is launching a US$2billion facility to support recovery and resilience in Africa.

    AFC has committed to funding up to 50% of the new African Economic Resilience Facility and mobilizing the remainder through the Corporation’s network of international partners and investors. The facility will be announced at the AFC Live Infrastructure Solutions Summit.

    The facility will be disbursed through loans from AFC to selected commercial banks, regional development banks and central banks in various African countries, providing them with much needed hard currency liquidity to finance trade and other economic activities in their jurisdictions.

    These institutions will be able to leverage AFC’s proven access to global funding to receive financing at competitive rates.

    Speaking on the rationale behind the launch, Head of Treasury and Financial Institutions, Banji Fehintola, said: “The COVID-19 pandemic set back Africa’s economic growth trajectory and widened the trade financing gap, while the Russia-Ukraine conflict has added a further set of challenges negatively impacting growth prospects across the continent. We are determined to play a leading role in helping the continent’s recovery and resilience, not only though the work we do in bridging Africa’s infrastructure gap, but also through targeted interventions such as this
    US$2billion economic resilience facility.”

    Applications for the African Economic Resilience Facility will open this month through AFC’s website. Through this funding intervention, AFC will accelerate its developmental impact in Africa, helping to drive the continent to a new phase of growth that is focused on maximum resource value capture and domestic job creation.

    Over the last 15 years, AFC has built experience mobilizing global capital for critical infrastructure projects in Africa. The Corporation’s recent bond issues include a US$750million 7-year Eurobond issued in 2021 at AFC’s lowest yield to date. The Corporation also established an independent asset management arm, AFC Capital Partners, with plans to raise US$2 billion to fund climate adaptation infrastructure projects in Africa.

     

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    Current Outbreak of Coronavirus (COVID-19) Disease- Coronavirus advisory information, World Health Organization & United States, Centers for Disease Control and Prevention

    Coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases such as Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). A novel coronavirus (nCoV) is a new strain that has not been previously identified in humans.

    Coronaviruses are zoonotic, meaning they are transmitted between animals and people.  Detailed investigations found that SARS-CoV was transmitted from civet cats to humans and MERS-CoV from dromedary camels to humans. Several known coronaviruses are circulating in animals that have not yet infected humans.

    Common signs of infection include respiratory symptoms, fever, cough, shortness of breath and breathing difficulties. In more severe cases, infection can cause pneumonia, severe acute respiratory syndrome, kidney failure and even death.

    Standard recommendations to prevent infection spread include regular hand washing, covering mouth and nose when coughing and sneezing, thoroughly cooking meat and eggs. Avoid close contact with anyone showing symptoms of respiratory illness such as coughing and sneezing. Source- WHO

    who.int/emergencies
    Coronavirus Q&A, World Health Organization
    who.int/news-room
    Coronavirus condition overview, World Health Organization
    who.int/health-topics
    United States, Centers for Disease Control and Prevention
    cdc.gov/coronavirus/2019-ncov

    NEW AFRICA BUSINESS NEWS
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    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

     

    About the Author
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