Under the “Team Europe” initiative, the European Investment Bank (EIB, the lending arm of the European Union), and the African Export-Import Bank (Afreximbank, the leading multilateral trade finance institution in Africa) are joining forces against VIDOC 19. 300 million in funding to support the resilience and recovery of African nations in response to the VIDOC 19 pandemic.
The objectives of this support programme include:
– Part of the package will target businesses owned or managed by women.
– At least 25% of the funds allocated under the partnership will be devoted to green projects, such as renewable energy, energy efficiency and climate change adaptation measures.
– A Pan-African rapid response to mitigate the impact of COVID-19 and support climate action
– A Continuation of the trade support and medical supplies and equipment guarantee programme
– Financing for long-term investments in trade expansion, thereby contributing to both the availability of goods and the growth of economic prosperity.
These funds will therefore provide businesses across the continent with the working capital needed to maintain jobs and vital imports. By also dedicating at least a quarter of the capital to climate change mitigation and adaptation, this support programme will at the same time help Africa maximize the opportunities for a green recovery.