There is an urgent need for financing to reenergize Africa’s trade in the wake of the COVID-19 pandemic, according to the latest trade finance report released jointly by the African Development Bank and the African Export-Import Bank.
According to the report, only 40% of Africa’s trade is bank-intermediated – a far lower share than the global average of 80%. The trade finance gap also remains unacceptably high at $81 billion in 2019. […]
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