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AfDB announces $10bn COVID-19 facility for member countries

AfDB announces $10bn COVID-19 facility for member countries
April 09
12:34 2020
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The African Development Bank (AfDB) Group has announced a $10 billion COVID-19 response facility to assist regional member countries to fight the pandemic.

The bank said the facility is the latest measure taken by it to respond to the pandemic and would be the institution’s primary channel for its efforts to address the crisis.

The AfDB said the fund would be provided to governments and the private sector.

A statement by communications and external relations of the bank quoted Akinwumi Adesina, AfDB president, as saying the package took into account the fiscal challenges that many African countries were facing.
“Africa is facing enormous fiscal challenges to respond to the coronavirus pandemic effectively. The bank is deploying its full weight of emergency response support to assist Africa at this critical time,” he said.

“We must protect lives. This facility will help African countries to fast-track their efforts to contain the rapid spread of COVID-19.

“These are extraordinary times, and we must take bold and decisive actions to save and protect millions of lives in Africa.

“We are in a race to save lives. No country will be left behind.”

Giving a breakdown, the bank said the facility includes $5.5 billion for sovereign operations in members countries, $3.1 billion for sovereign and regional operations for countries under the African Development Fund, the bank’s concessional arm that caters to fragile countries.

An additional 1.35 billion dollars would be devoted to private sector operations.

The bank recently approved a $2 million grant for the World Health Organisation and inaugurated a $3 billion Fight COVID-19 social bond.

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