The downturn is expected to accelerate in the second quarter, according to UNCTAD forecasts, which project a quarter-on-quarter decline of 27%. The coronavirus pandemic cut global trade values by 3% in the first quarter of this year, according to the latest UNCTAD data published in a joint report by 36 international organizations.
Business
Tradeshift links up with Danish ECA for supply chain finance model
Global ecommerce platform Tradeshift is working with Eksport Kredit Fonden (EKF), the Danish export credit agency, to ease liquidity pressures on businesses triggered by the Covid-19 pandemic through a technology-driven supply chain finance model. Under the programme, banks will be encouraged to offer “favourable” credit lines to large organisations in
Ecobank CEO talks Africa’s Covid-19 support: “There’s still more work to be done”
Ecobank Group has recently contributed US$3mn to the fight against Covid-19 in Africa. The pan-African bank has focused its support on the efforts of governments, the World Health Organization as well as the private sector in alleviating the effect of the pandemic on the most vulnerable on the continent. “Our
Covid-19 pandemic pushes Africa towards recession
The outbreak of Covid-19 has left Africa facing the prospect of its first recession in 25 years, with countries dependent on oil exports or struggling with political instability on the frontline. Recent World Bank analysis predicts growth in Sub-Saharan Africa could fall to -5.1% this year, a sharp drop from
KQ protests as Kenya hands cargo deal to Ethiopian Airlines
Kenya Airways is contesting a government deal allowing Ethiopian Airlines to operate passenger planes grounded by the coronavirus for shipment of cargo from the Jomo Kenyatta International Airport ( JKIA) in Nairobi to Europe and Asia. The loss-making KQ has said the new deal will give the rival carrier undue
Chairman Reed Addresses Corporate Council on Africa on EXIM’s COVID-19 Response Efforts and Broader Priorities in Africa
Nearly 70 Participants Engage in Dialogue with Chairman Reed and Senior Leaders in Debut Session of New CCA Series: “Navigating the Impact of COVID-19” WASHINGTON – Export-Import Bank of the United States (EXIM) President and Chairman Kimberly A. Reed today addressed nearly 70 Corporate Council on Africa (CCA) members and
WTO sees ‘ugly’ trade plunge worse than in financial crisis
BRUSSELS (Reuters) – The World Trade Organization on Wednesday forecast that goods trade would shrink more steeply this year than in the global financial crisis a decade ago before rebounding in 2021 as the COVID-19 pandemic recedes – if countries worked together. The WTO said global trade would fall this
