Afreximbank set aside $4b to shield Africa from impact of war in Ukraine

Afreximbank set aside $4b to shield Africa from impact of war in Ukraine
Afreximbank set aside $4b to shield Africa from impact of war in Ukraine

Africa-Press – Cape verde. Afreximbank has set aside a $4 billion windfall to help African countries cope with the economic impacts of the Ukraine war.

The President of the Afreximbank, Prof Benedict Oramah, on Thursday stated that the bank had made concerted efforts to ensure a swift response to the consequences of the war on African countries.

“Mindful that Africa’s problems are for Africans to solve.” “Afreximbank has once again stepped in and put in place a four billion dollar facility, in African countries to help in response to the Ukraine crisis,” Oramah noted.

Prof Oramah said Afreximbank had become a driving force for crisis intervention by making institutions stronger and more effective, citing its record in fighting the COVID-19 Pandemic.

He added that the bank could be a notochord for drawing African economic, social, and infrastructural developments, calling for faster integration to strengthen the continent.

Oramah was speaking during the official opening of the 29th Afreximbank Annual Meeting 2022 (AAM 2022) at St Regis Almasa, New Administrative Capital, Cairo, Egypt, in the presence of the President of the Arab Republic of Egypt, Abdel Fattah El-Sisi.

African countries that are heavily dependent on imported commodities and oil production have been adversely affected by the war in Ukraine.

The Egyptian President, El-Sisi in a panel discussion on Thursday, the Egyptian President, El-Sisi, pledged his full support to Afreximbank. Sisi stressed that security and stability were the necessities of Africa’s integration agenda.

The conference is being held under the overall theme, “Realising the AfCFTA Potential in the Post-COVID-19 Era: Leveraging the Power of The Youth.”

On the first day of the conference on Wednesday, Prof Oramah called for an increase in intra-Africa trade financing.

He called for investment in the youth to support Africa’s integration agenda, noting that the continent could attract trade if such challenges are solved.

“While the problem was identified decades ago, it is only now that Africa can boast of possessing a combination of factors that can resolve it. These consist of visionary and committed leadership, the youth, and digital technology. Our leadership has done the courageous work of giving us the AfCFTA,” he said.

“Whether a youth-powered AfCFTA will trigger a continental economic explosion or whether the next decades will become ‘Lost Decades’ for Africa will depend on how we creatively deploy the energies and talents of the continent’s youth to implement the AfCFTA.”

The bank has been carrying out notable projects in various African countries, including South Sudan, where it has stepped up road construction, projects at Juba International Airport, as well as supporting social services to women and youth, in addition to a rapid response to COVID-19 Pandemic.

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