African Response Facility for COVID-19 Pandemic Created

By Apolinari Tairo
Published April 24, 2020

Akinwumi Adesina, President of the African Development Bank (AfDB), says all the continent 'needs to do is to harness the available technologies with the right policies and rapidly raise agricultural productivity and incomes for farmers, and assure lower food prices for consumers'.African Development Bank (AfDB) has created a COVID-19 Response Facility to assist African countries in fighting the pandemic.

The facility, the latest measure taken by the bank in response to the pandemic, provides up to US$10 billion to governments and the private sector to help them in keeping social and economic sectors going.

Akinwumi Adesina, President of AfDB, says the package takes into account the fiscal challenges that many African countries are facing.

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“Africa is facing enormous fiscal challenges to respond to the coronavirus pandemic. The African Development Bank Group is deploying its full weight of emergency response support to assist Africa at this critical time,” Adesina says. “We must protect lives. This facility will help African countries to fast-track their efforts to contain the rapid spread of COVID-19.”

The Response Facility entails US$5.5 billion for sovereign operations in AfDB member countries and US$3.1 billion for sovereign and regional operations for countries under the African Development Fund, AfDB’s concessional arm that caters to fragile countries. An additional US$1.35 billion will be devoted to private sector operations.

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African Development Bank launched its Industrialization Strategy for Africa 2016-2025 in 2016 and allocated US$1.2 billion in 2017 to Industrialize AfricaAfDB has also launched a record-breaking US$3 billion Fight COVID-19 Social Bond that is touted as being the world’s largest US dollar-denominated social bond ever on the international capital market.

AfDB has also approved a US$2 million grant for the World Health Organization (WHO) for its efforts on the African 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,” Dr Adesina saiys.

An eTurboNews article.

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