The African Development Bank Group, AfDB has announced the creation of a 10 billion dollars Response Facility to support the current fight against the coronavirus pandemic across the continent.
The multi-billion dollar facility, which will be provided to governments and the private sector involved in the pandemic fight, is the latest step by the bank to respond to the pandemic and will be its primary channel for its efforts to address the crisis.
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According to a news report circulated by the African Press Organisation, APO Group on behalf of the bank, the facility entails 5.5 billion dollars for sovereign operations in AfDB countries, and 3.1 billion dollars for sovereign and regional operations for countries under the African Development Fund, the bank Group’s concessional arm that caters to fragile countries.
The balance of $1.35 billion dollars will be devoted to private sector operations.
The Bank’s President, Akinwumi Adesina, was quoted as saying that the package took into account the fiscal challenges that many African countries are facing in their efforts to deal with the ravaging pademic.
