The African Development Bank has created a $10 billion emergency fund to support countries in Africa in the battle against coronavirus pandemic.
In a report by APF which was published by Channels TV on Thursday, the President of the bank, Akinwunmi Adesina said that “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.”
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The report also disclosed that $5.5 billion has been assigned for operations in African Development Bank countries, while $3.1 billion is meant for sovereign and regional operations for countries under the African Development Fund, the bank’s arm that caters to fragile countries.
The African Development Bank already has launched a $3 billion US-dollar denominated social bond in international capital markets to tackle Coronavirus.
“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.”