The continental lending institution Africa Development Bank (AfDB) said it had secured a total of 3.0 billion U.S. dollars through a three-year bond to help alleviate the economic and social impact of the Covid-19 pandemic on livelihoods and the economies of Africa.

A release received from the bank here on Monday said the facility was part of its strategy to provide flexible responses aimed at lessening the severe economic and social impact of this pandemic on its regional member countries and the continent’s private sector.

The facility described as one of the largest dollar-denominated social financing instruments ever launched in the international capital markets was closed at a 0.75 percent interest rate.

“These are critical times for Africa as it addresses the challenges resulting from the Coronavirus. The AfDB is taking bold measures to support African countries,” the bank’s president Akinwumi Adesina said.

He said the issuance of the three billion bond dollars was just the first part of the bank’s full response to the pandemic to be announced later.

Although COVID-19 had been slow in arriving on the continent, the virus has been spreading quickly and has infected more than 4,861 people across 45 countries as of Monday, placing strain on already fragile health systems. Enditem

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