“The crisis between Russia and Ukraine, which escalated on February 24, had a significant effect on the global economy; given the importance of the two countries as sources of oil and gas, raw materials and grain, the outbreak of the conflict has repercussions. widespread on a global scale, including an adverse impact on African economies, especially those that rely heavily on cereal imports, fertilizers and fuel imports”, argues Afreximbank in the presentation of the US$4 billion credit line, around 3, 6 billion euros.
African countries, especially those in the north of the continent, are some of the main cereal importers from both Russia and Ukraine, which, due to the predominance of this food in the diet of a large part of the African population, has an even greater impact, with several analysts warning of the possibility of social instability due to rising prices and the difficulty of securing imports.
“The trade finance program for Africa’s adjustment to the Ukraine crisis (UKAFPA) aims to adjust the cost of finance, to help countries meet immediate import needs in the face of rising prices while domestic demand adjusts,” reads in the statement sent to Lusa.
In addition, the program announced today by Afreximbank also aims at financing the repurchase of oil and metals, stabilizing raw material export earnings, financing the fall in tourism and also launched a mechanism for accelerating export earnings, through quick access to foreign currency to ensure the fulfillment of ongoing projects.
“UKAFPA is a response to urgent requests from member states for emergency intervention by the bank, whose funding requests already exceed 15 billion dollars. [13,7 mil milhões de euros]”, reads the statement, which states that “there is urgency in responding to these requests to avoid catastrophic social conditions across the continent and reduce the risk of evolving into political challenges”.
In the early hours of February 24, Russia launched a military offensive in Ukraine that killed at least 1,480 civilians, including 165 children, and injured 2,195, including 266 minors, according to the latest UN data, which warns of the likelihood that the actual number of civilian casualties is much higher.
The war has already caused an undetermined number of military casualties and the flight of more than 11 million people, of which 4.2 million to neighboring countries.
This is the worst refugee crisis in Europe since World War II (1939-1945) and the United Nations estimates that around 13 million people are in need of humanitarian assistance.
The Russian invasion was condemned by the international community in general, which responded by sending weapons to Ukraine and reinforcing economic and political sanctions on Moscow.
Read Also: Three arrested for aggravated robbery in Água de Pau, Azores
News by the Minute nominated for the Marketeer Awards
O News by the Minute is one of the nominees of the 2022 edition of the Marketeer Awardsin the category of digital media. Voting takes place until the 31st of May.
To help us win, just access the website of the initiative organized by the magazine marketeerclicking on hereand proceed to fill in the form, selecting News by the Minute in the category of digital media and then formalizing the vote. Thank you for your preference!
Always be the first to know.
Sixth consecutive year Consumer Choice and Five Star Award for Online Press.
Download our free App.