The international community has now acknowledged vulnerability as a severe obstacle to development due to the damage caused by exogenous shocks and stressors to which countries are increasingly being exposed. These shocks span diverse domains, such as terms of trade fluctuations, natural disasters, supply disruptions, conflicts, civil unrest, and unprecedented shocks such as the COVID-19 pandemic. It is evident that low national income, often measured by Gross National Income per capita (GNI pc), is a weak measure of development, material welfare, or well-being.
Trade And Development Finance In Africa In The Shadow Of COVID-19
Even under the immense challenges posed by the COVID-19 pandemic on the African continent, great opportunities exist for the expansion of trade through trade and development finance. This paper will provide a broad overview of trade and development finance with a focus on Africa as well as underscore the necessity for trade finance. Moreover, although this paper will not serve as an exhaustive audit of trade finance developments in Africa, it will highlight some interesting developments that have occurred in the broad trade finance space in Africa over the past year as well as potential trade and development opportunities.