- July 15, 2021
- Posted by: adminer
- Category: Finance, International, Trade and Industry
Standard Chartered bank is providing $200 million of not-for-profit funding towards African Export-Import Bank’s (Afreximbank) structured framework to help finance the acquisition of COVID-19 vaccines for African nations.
Afreximbank announced this in a statement it issued on Thursday in Cairo, Egypt.
According to the statement, the collaboration between Standard Chartered and Afreximbank will help ensure that 55 countries across Africa have access to COVID-19 vaccines.
“This facility will play a part in ensuring that Africa can achieve its COVID-19 strategy, which targets vaccinating a minimum of 60 per cent of Africa’s population.
“The facility is part of the Advance Procurement Commitment (APC) framework structured by Afreximbank in collaboration with the African Vaccines Acquisition Task Team (AVATT).
“Under it, Afreximbank provided a guarantee of two billion dollars to vaccine manufacturers to secure access to COVID-19 vaccines for African countries.”
Afreximbank also said that over the last year, it had also launched a number of facilities to support its member countries.
The facilities include the Pandemic Trade Impact Mitigation facility (PATIMFA), under which the Bank has disbursed over 6.5 billion dollars to mitigate and manage the financial, economic and health impacts of the pandemic.
In addition, it had put in place a 1.5 billion dollar Collaborative COVID-19 Pandemic Response Facility (COPREFA), working with partners to support African economies during the pandemic.