Regional multilateral lender the African Development Bank (AfDB) Group announced on Wednesday the creation of a 10 billion U.S.dollars facility to aid Africa’s fight against the novel coronavirus, a release has said.
The President of AfDB Akinwumi Adesina said the package, which is the bank’s latest measure in response to the outbreak, would help to address the fiscal challenges that many African countries faced while dealing with the pandemic.
“Africa is facing enormous fiscal challenges to respond to the coronavirus pandemic effectively. The AfDB is, therefore, deploying its full weight of emergency response support to assist Africa at this critical time,” the president said.
Of the total facility, 5.5 billion dollars will be dedicated to sovereign operations in AfDB countries, while 3.1 billion dollars will be for sovereign and regional operations in fragile countries under the bank’s concessional arm.
The bank said an additional 1.35 billion dollars would be devoted to private sector operations on the continent.
“We must protect lives. This Facility will help African countries to fast-track their efforts to contain the rapid spread of COVID-19,” Adesina said.
He added, “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.
Late last month, AfDB launched a 3.0 billion dollars social bond to help African countries fight COOVID-19. Its board of directors also approved of a 2.0 million dollars grant for the World Health Organization’s efforts on the continent. Enditem