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AfDB Creates $ 10 Billion Fund – Magazine24


Photo. Illustration: AfDB President Akinwumi Adesina at the 5th Ordinary Session of ECOWAS

The African Development Bank (ADB) announced on Wednesday the creation of a $ 10 billion fund to help regional member countries combat the spread of Covid-19 on the continent.

This new initiative of the Bank and intended to serve as the main relay to direct its operations in the context of the current crisis is made available to governments and all stakeholders in the African private sector.

AfDB Group Chairman Akinwumi Adesina said the package took into account the budgetary difficulties of many countries on the continent.

According to Adesina, “Africa is facing enormous budgetary challenges to respond effectively to the coronavirus pandemic. The African Development Bank is deploying all of its emergency response capabilities to help Africa at this critical time. We have to protect lives. This fund will assist African countries in their efforts to contain the rapid spread of Covid-19. ”.

The fund has $ 5.5 billion for sovereign operations in member countries of the Bank and $ 3.1 billion for sovereign and regional operations through the countries of the African Development Fund, the loan window to Bank Group concessional rates charged with meeting the needs of fragile countries. An additional $ 1.35 billion will be spent on private sector operations.

For her part, the Acting Senior Vice-President of the Bank, Swazi Tshabalala, said “The implementation of this system required a collective effort and courage on the part of all our staff and our shareholders”.

Two weeks ago, the Bank issued a record $ 3 billion “Fighting the Covid-19” social bond, the largest social loan denominated in US dollars issued on the international market. capital.

Last week, the Bank’s Board of Directors also approved $ 2 million in Covid-19 emergency aid to support World Health Organization interventions on the continent.

© Magazine24 with APO Group

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