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Afreximbank Fast-Tracks Africa Trade Exchange on War in Ukraine

April 12, 2022, 1:36 PM

The African Export-Import Bank plans to accelerate the launch of an Africa Trade Exchange that will improve access to food and fertilizer at more favorable rates at a time of rising prices.

The lender is developing the exchange alongside the United Nations Economic Commission for Africa and it can start operating in three weeks, President Benedict Oramah said in an online briefing Tuesday. That’s in addition to a $4 billion trade-financing program initiated last week to manage the impact of Russia’s war with Ukraine on African economies and businesses.

Afreximbank is making the move as Russia and Ukraine account for ...