NAIROBI (Reuters), Afreximbank stated Wednesday it created a $4 billion programme of trade finance to help countries and businesses in Africa against the shocks resulting the the war in Ukraine. The demand for the financing is currently higher than the funding.

Afreximbank, a Cairo bank, said that its Ukraine Crisis Adjustment Trade Finance Programme for Africa had been approved by its board at March’s end.

The fund will be used to finance oil and metal buy-back, stabilisation of commodity export revenues and financing for tourism revenue deficit.

It stated that “given both Russia and Ukraine’s importance as sources of gas, raw material and grains, the conflict will have wider repercussions globally, including adversely impacting African economies, particularly those who rely on fuel imports, fertilizer, and grain,” in a statement.

Around 29% of the world’s wheat exports are from these two countries, along with 19% of all world corn supplies.

The bank stated that it already had received funding requests totaling $15 billion.

The report stated, “There’s a need to urgently address these demands to avoid catastrophes in Africa’s social and political conditions”