"The funds will ensure that business across the continent has the capital to sustain jobs and maintain vital imports," the EIB said in a statement released Wednesday.
In the document, the EU funding institution says it "earmarks at least a quarter of the capital for climate change mitigation and adaptation, helping Africa to maximise opportunities for a 'green' recovery".
The support package is the first of an accelerated response to covid-19 for the sub-Saharan African region under the EIB's 'Team Europe' initiative.
6.7 billion, aims to support the most vulnerable countries exposed to the pandemic, contributing to an immediate response to the health crisis and mitigating social and economic impacts.
The funding for sub-Saharan Africa is structured in two parts.
"200 million of funds previously allocated to trade-related investments, targeting them specifically to sectors most impacted by the pandemic. Recognising the urgent need for support, Afreximbank and the EIB are also injecting a further EUR 100 million into the package,' adds the European Investment Bank.
The EIB underlines that this combination of funds, "combined with Afreximbank's position on the ground, means that the support can be activated immediately".
"Furthermore, Afreximbank's deep knowledge and broad presence in African markets will ensure that the capital reaches out to businesses and communities in all areas of the continent," the EIB stresses.
Part of this investment will enable transnational trade in the medical equipment and materials needed to slow the spread of covid-19.
The EIB also points out that "two key areas in Africa are women entrepreneurs and the 'Green Revolution'", so at least 25 percent of the funds allocated will go to 'green projects', including "renewable energy, energy efficiency and climate change adaptation measures".
Afreximbank president Benedict Oramah said the funding announced today is well received "not only because it responds to urgent needs, but because it is allocated urgently".
"With the joint experience of Afreximbank and the EIB, the support will quickly reach those most affected," he said.
Ambroise Fayolle, EIB vice-president, stressed that the European institution is "once again" strengthening cooperation with Afreximbank and that this joint financing "will unlock medical investment and ensure that investment for climate action and cutting energy use and emissions is not delayed".
In Africa, there are 21,050 confirmed deaths in more than 976,000 infected in 55 countries, according to the latest pandemic statistics on the continent.
Among the African countries that have Portuguese as their official language, Equatorial Guinea leads in number of cases and deaths (4821 infected and 83 deaths), followed by Cape Verde (2631 cases and 26 deaths), Guinea-Bissau (2032 cases and 27 deaths), Mozambique (2079 cases and 15 deaths), Angola (1344 infected and 59 deaths) and São Tomé and Príncipe (878 cases and 15 deaths).
The covid-19 pandemic has already caused more than 701,000 deaths and infected more than 18.5 million people in 196 countries and territories, according to a balance sheet by the French agency AFP.
The disease is transmitted by a new coronavirus detected at the end of December in Wuhan, a city in central China.
