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Overview

Bank of China provides $200 million loan to Afreximbank's Pandemic Trade Impact Mitigation Facility (PATIMFA)

Commitments (Constant USD, 2023)$206,346,764
Commitment Year•2020Country of Activity•Africa, regionalDirect Recipient Country of Incorporation•Africa, regionalSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Jan 1, 2020

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

  • Bank of China (BOC)

Receiving agencies

Intergovernmental Organizations

  • African Export-Import Bank (Afreximbank)

Implementing agencies

Intergovernmental Organizations

  • African Export-Import Bank (Afreximbank)

Loan description

Bank of China provides $200 million loan to Afreximbank's Pandemic Trade Impact Mitigation Facility (PATIMFA)

Interest type•Unknown

Narrative

Full Description

Project narrative

In 2020, Bank of China (BOC) provided a $200 million loan to African Export-Import Bank (Afreximbank) for its Pandemic Trade Impact Mitigation Facility (PATIMFA). The overall purpose of this facility is to assist Afreximbank member countries cope with the financial, economic and health service shocks caused by the COVID-19 pandemic. The facility will be available through direct funding, lines of credit, guarantees, cross-currency swaps and other similar instruments. On March 20, 2020, the Afreximbank Board of Directors formally approved PATIMFA. It will serve several purposes: (1) support member country central banks, and other financial institutions to meet trade debt payments that fall due and to avert trade payment defaults; (2) support and stabilize the foreign exchange resources of central banks of member countries, enabling them to support critical imports under emergency conditions; (3) assist member countries whose fiscal revenues are tied to specific export revenues, such as mineral royalties, to manage any sudden fiscal revenue declines as a result of reduced export earnings; and (4) provide emergency trade finance facilities for import of urgent needs to combat the pandemic, including medicine, medical equipment, hospital refitting, etc.