ABIDJAN, Ivory Coast, April 8, 2020/ -- The African
Development Bank Group (AfDB) on Wednesday announced the creation of the
COVID-19 Response Facility to assist regional member countries in fighting the
pandemic.
The Facility is the latest measure taken by the Bank to
respond to the pandemic and will be the institution's primary channel for its
efforts to address the crisis. It provides up to $10 billion to governments and
the private sector.
Akinwumi Adesina, President of the African Development Bank
Group, said the package took into account the fiscal challenges that many
African countries are facing.
"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. 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, commending the Board of Directors for its
unwavering support.
The Facility entails $5.5 billion for sovereign operations in
African Development Bank countries, and $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. An additional $1.35 billion
will be devoted to private sector operations.
Commenting on the Facility, Acting Senior Vice-President
Swazi Tshabalala said: "The setting up of the Facility required a
collective effort and courage by all our staff, Board of Directors and our
shareholders."
Two weeks ago, the Bank launched a record-breaking $3 billion
Fight COVID-19 Social Bond, the world's largest US dollar-denominated social
bond ever on the international capital market. Last week, the Board of
Directors also approved a $2 million grant for the World Health Organization
for its efforts on the continent.
"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," Adesina said.
No comments:
Post a Comment