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Coronavirus

Japan's MUFG lends $520m to help Africa fight COVID-19

Institutional investors purchase loans guaranteed by government

A medical worker transports a patient Dec. 21 at Kenyatta National Hospital in Nairobi, Kenya: The loan program will support purchases of medical equipment to combat the COVID-19 pandemic.   © Reuters

TOKYO -- Japanese megabank Mitsubishi UFJ Financial Group will extend $520 million in government-backed loans to assist African nations in combating the COVID-19 epidemic.

The government’s Nippon Export and Investment Insurance will guarantee 90% of the loans, which will be distributed to eight countries, including Egypt, Ghana and South Africa. The money will be used to purchase medicine, medical equipment and food.

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