Benedict Oramah, president of the African Export-Import Bank (Photo: Agencies)

The African Export-Import Bank (Afreximbank) has announced a $3 billion fund to help African economies deal with the economic and health impacts of the COVID-19 pandemic.

The organization will provide support to Afreximbank member economies with financial, economic and health services shocked by the COVID-19 pandemic, according to information released by the bank.

The facility will support more flexible responses to the member country central banks and financial institutions of the bank to meet trade debt payments that fall due, and will work to avert trade payment defaults, said Afreximbank, adding that the package will also serve to stabilize the foreign exchange resources of central banks of member countries, in order to enable them to pull through the emergency conditions.

“A rapid and impactful financial response is required to avert a major crisis in Africa,” said Benedict Oramah, president of the African Export-Import Bank.

Afreximbank has a history of providing support to African countries in times of economic shocks and helping key African countries to soften the crisis and recover swiftly.

(Compiled by Wu Qingyang)