Massive capital outflows strain African banks

April 26, 2021 Chronicle 0 Comments

MASSIVE capital outflows due to a tightening of global financial conditions linked to the outbreak of the Covid-19 pandemic have strained African banks, most of which have suffered a drop in net foreign assets, according to the latest report.

The African Export-Import Bank (Afreximbank), in collaboration with the United Nations Economic Commission for Africa (ECA), the African Development Bank (AfDB) and Making Finance Work for Africa Partnership (MFW4A) released the new “African Trade Finance Survey Report”, which highlights the impact of the global Covid-19 pandemic on African trade finance. Read More.

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