AfDB Approves $10bn Facility To Tackle COVID-19

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The latest measure taken by the African Development Bank is providing a multi-billion dollar facility to the government and private sectors involved in the fight against the COVID-19 pandemic.

In a news report circulated by African Press Organisation (APO) Group on behalf of the bank, the facility entails $5.5 billion for sovereign operations in AfDB countries, $3.1 billion for sovereign and regional operations for countries under the African Development Fund, the bank Group’s concessional arm that caters to fragile countries, while the balance of $1.35 billion will be devoted to private sector operations.

Dr. Akinwumi Adesina, the AfDB President, stated that the package took into account the fiscal challenges that many African countries are facing in their efforts to deal with the ravaging pandemic.

“Africa is facing enormous fiscal challenges to respond to the coronavirus pandemic effectively. The African Development Bank Group is deploying its full weight of emergency response support to assist Africa at this critical time,” Adesina explained.

“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 better race to save lives. No country will be left behind,” Adesina added.

He also commended the bank’s Board of Directors for its unwavering support.

Speaking of the Facility, the Acting Senior Vice-President said; “the setting up of the Facility required a collective effort and courage by all our staff, Board of Directors and our shareholders.”

BY HANYTA OGBE

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