Africa’s $4-billion cushion against Ukraine war shocks
AFREXIMBANK said it had set up a $4 billion trade finance programme to cushion economies and businesses on the continent against shocks arising from the war in Ukraine, that demand for financing already exceeds the amount. Cairo-headquartered Afreximbank said its Ukraine Crisis Adjustment Trade Financing Programme for Africa was approved by its board at the end of March. It said the fund would extend to areas such as oil and metals buy-back financing, commodity export revenue stabilisation and tourism revenue deficit financing. "Given the importance of both Russia and Ukraine as sources of crude oil and gas, raw materials and…