Egypt supports the efforts made by the African Export-Import Bank (Afreximbank) to extend concessional facilities to African countries to enable them to acquire COVID-19 vaccines, said Egypt’s Minister of Finance Mohamed Maait.

Maait made his comments during a meeting held on Thursday with President of the Afreximbank Benedict Oramah.

These efforts will back the African economies amid the ongoing crisis, attain their growth, and push the African Free Trade Zone steps forward, said Maait, who is also chairman of the Afreximbank’s General Assembly.

Egypt is keen on supporting the efforts of Afreximbank, being the largest commercial corporation in Africa that aims to manage the health, economic, and fiscal shocks resulting from epidemics and maintain the economic stability of African countries. The efforts will also contribute to pushing the economic growth forward and enhance African intra-trade, according to Maait.

A recent Afreximbank meeting saw discussions over avenues for raising the bank’s capital.

During the meeting, Oramah reviewed Afreximbank’s activities, including providing facilities for African countries in order to purchase vaccines and contracting with major suppliers to provide vaccine doses at reasonable prices.

He also touched upon the F15 Finance Ministers Committee’s efforts concerning the implementation of the African Continental Free Trade Zone Area (AfCFTA) Agreement.

In December, the African Union’s Envoy for COVID-19 Procurements Strive Masiyiwa said that African countries may face challenges acquiring sufficient doses of COVID-19 vaccines.

He noted that although GAVI COVAX initiative is very good for the continent, it may not have the capacity to fully supply Africa with the required doses, hence the need to access the market to bridge the gap. 

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