African Finance Corp Unveils $2 Billion Lending Facility
By Bashir Olanrewaju
The African Finance Corporation (AFC) is providing a $2 billion lending facility for businesses across the continent to help them overcome the impact of the Ukraine War.
TheThe African Finance Corporation (AFC) is providing a $2 billion lending facility for businesses across the continent to help them overcome the impact of the Ukraine War.
The AFC will put up, at least, $1 billion of the facility dubbed the”Resilienc AFC will put up, at least, $1 billion of the facility dubbed the”Resilience Fund,” Banji Fehintola, a senior director of AFC, told a conference in Abuja on Thursday. “The facility will be disbursed through commercial banks across Africa,” he said.
Russia’s invasion of Ukraine on February 24 has triggered a chain of events pushing up the price of everything from the price of wheat to the price of oil, creating shortages and high prices. The impact has been felt by consumers in higher transport costs and food prices, causing an inflation spiral.
Many countries either stopped or curbed food exports altogether in response to the Ukraine War. Prices have in turn surged, with both Russia and Ukraine being major exporters of wheat and other grains