AfDB to assist Member states with $10b COVID19 response facility

AfDB to assist Member states with $10b COVID19 response facility

The African Development Bank Group (AfDB) has announced the creation of the COVID-19 Response Facility to support member states in the Fight to contain the Coronavirus outbreak.

This is the latest emergency response support taken by the bank to address the health crisis faced in the region.

 It is providing up to $10 billion to governments and the private sector to undertake the war.

AfDB President, Akinwumi Adesina, said the package took into account the fiscal challenges that many African countries were facing.

His words: “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.”

Who are the Beneficiaries?

The response 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 group’s concessional arm that caters to fragile countries. An additional $1.35 billion will be devoted to private sector operations.

However, the World Health Organisation (WHO) Regional Director for Africa, Dr. Matshidiso Moeti, said COVID-19 cases had hit 10,000 and accounted for 500 deaths on the continent.