The African Export-Import Bank (Afreximbank) is committed to strengthening resilience and disaster risk financing initiatives in Africa. It has signed a memorandum of understanding with the African Risk Capacity (ARC) group, a specialized agency of the African Union (AU).

The objective of this partnership is to provide adequate responses to disasters and resilience by using available banking and insurance products adapted to localized challenges. According to the institution's statement issued on Friday, November 19, Afreximbank will provide a food emergency financing facility (FECONTRAF) to joint member countries that participate in African Risk Capacity's macro-disaster risk/sovereign transfer program, at the building national capacities and developing food security policies.

According to UN Under-Secretary-General and Managing Director of the Pan-African Risk Mutual (ARC) Group, Ibrahima Cheikh Diong, partnership with Afreximbank will reduce the negative impacts of natural disasters on lives and livelihoods livelihood of Africans. At the end of 2020, Afreximbank's total assets and collateral stood at US$21.5 billion and its shareholder funds stood at US$3.4 billion. The Cairo-based institution disbursed more than $42 billion between 2016 and 2020.