Afreximbank, ITFC and BADEA Launch USD 1.5 Billion COVID-19 Recovery Facility to Support African Economies

The African Export-Import Bank (Afreximbank), a multilateral financial institution formed by African Governments and institutional investors, has partnered with the International Islamic Trade Finance Corporation (ITFC), the trade finance arm of the Islamic Development Bank (IsDB) Group, as well as the Arab Bank for Economic Development in Africa (BADEA) to launch a USD 1.5 billion Collaborative COVID-19 Pandemic Response Facility (COPREFA).

According to a statement issued by the ITFC on the 4th of November 2020, COPREFA is designed to support African economies with rapid financial assistance to mitigate the impact of COVID-19, and will be accessed by eligible central banks, commercial banks and businesses to fund the imp...