These are unprecedented times that are affecting the world today, and we stand side-by-side with the global community as we collectively respond to COVID-19.
APICORP launched a USD500m countercyclical support package aimed at supporting the Member Countries and the region in the energy sector to mitigate the impact resulting from the pandemic.
The USD 500 million package will be deployed to support sustainable impact-driven projects by extending funding for projects and working capital within the areas of utilities, renewables, petrochemicals, amongst other energy sub-sectors. APICORP will also expand its trade finance support to its Member Countries within the broader objective of reducing the fiscal and current account pressures caused by current market conditions.
APICORP is committed to fulfilling its development mandate and to work with our member countries to meet planned commitments in the energy sector. We will be working with other multilateral development banks and financial partners to mobilize funding and mitigate the impact on these countries.
We will continue to develop our initiatives and response strategy to support in the recovery. We believe that by working with the global community, we will all emerge stronger.