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Report : Impact of COVID-19 on African Trade Finance

Afreximbank, alongside a number of strategic partners, conducted the first continent wide Trade Finance Survey, to better understand where Africa stands and the impact on the banking sector of the pandemic downturn.

Trade finance is the lifeblood of commerce. During the last financial crisis in 2008/09, credit lines dried up for many emerging markets. The Covid-19 pandemic has unarguably had a much greater global economic toll. In April 2020, month on month global trade contracted by 12.1%. 

“The first continent wide Trade Finance Survey, to better understand where Africa stands and the impact on the banking sector of the pandemic downturn

In the first survey of its kind, Afreximbank, alongside a number of strategic partners, conducted the first continent wide Trade Finance Survey, to better understand where Africa stands and the impact on the banking sector of the pandemic downturn. What can banks and African governments do, in a synchronised fashion, to accelerate both trade and growth in the post-containment phase of the pandemic?

The Survey of Impact of COVID-19 on African Trade Finance Report is a collaboration between the African Export-Import Bank (Afreximbank), the Making Finance Work for Africa Partnership (MFW4A), hosted by the African Development Bank and the United Nations Economic Commission for Africa (UNECA). The report offers a first-ever assessment of the potential impact of the COVID-19 pandemic on trade finance activities of commercial banks across Africa.

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