A leading financial institution in Africa, Afreximbank, says it has created a $4bn (£3.3bn) trade finance programme to cushion the continent from the effects of the war in Ukraine.
“Given the importance of both Russia and Ukraine as sources of crude oil and gas, raw materials and grains, the outbreak of the conflict has wider repercussions on a global scale, including adversely affecting African economies, especially those that rely heavily on grain, fertiliser and fuel imports,” it said in a statement.
The bank said it had already received financing requests of more than $15bn.
“There is some urgency to meet these requests to avoid catastrophic social conditions across Africa and reduce the risk of their morphing into political challenges,” it added.
