African Development Bank Group unveils $10 billion Response Facility to curb COVID-19
ABIDJAN, Côte d’Ivoire, April 8, 2020,-/African Media Agency (AMA)/- The African Development Bank Group 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.
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
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.
Distributed by African Media Agency (AMA) on behalf of the African Development Bank.
About the African Development Bank Group
The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 37 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.afdb.org
Gershwin Wanneburg, Communication and External Relations Department, African
Development Bank, email: email@example.com
Source : African Media Agency (AMA)