THE African Export-Import Bank has set aside $100m loan to assist countries in Africa to procure COVID-19-related medical supplies.
The medical supplies, according to the bank, will be acquired through the Africa Medical Supplies Platform.
This facility is expected to quicken access to critical COVID-19 containment and therapeutic supplies by bridging short-term funding gaps that African states may be experiencing.
Speaking on the development, the President of Afreximbank, Benedict Oramah, said the bank was mindful of the challenges many African economies were facing as they worked hard daily to contain the pandemic.
“With this $100m overdraft facility, we are ensuring African states are able to rapidly access diagnostic kits and medical supplies at competitive prices from African suppliers and global markets,” he said.
Launched in June, the AMSP was developed by the African Union’s Africa Centres for Disease Control and Prevention, Afreximbank and the United Nations Economic Commission for Africa, under the leadership of the African Union Special Envoy for COVID-19 procurements, Strive Masiyiwa.
Its services have now been made available to countries of the Caribbean Community, The Point reports.
A product of continent-wide collaboration, the AMSP aggregates medical supplies and serves as a unique interface for African governments and Non-Governmental Organisations to easily coordinate sourcing.
Afreximbank facilitates payments on the platform. The Bank also arranges letters of credit and payment guarantees, allowing participating governments and organisations to minimise the upfront cost of obtaining critical supplies.
