The Africa Finance Corporation (AFC) has committed $1.3 million to Nigeria’s private sector to help in the fight against COVID-19.
The private sector, in conjunction with the Central Bank of Nigeria, will use the funds to build temporary medical facilities and buy medical equipment and supplies for treatment and care for people infected with the virus.
We are looking at development support solutions that will improve the resilience of African states in managing the twin challenges of liquidity and solvency resulting from the disruptions triggered by the pandemic. Our solutions will include the tools to plan ahead of the crisis for import substitution and production centers that support the needs of the continent.
All Africa quotes AFC’s President & CEO, Samaila Zubairu
With the United Nations announcing that Africa needs a $100 billion stimulus package in order to survive the global COVID-19 pandemic, countries like Kenya and Ghana, are seeking financial aid from international financial bodies, such as the World Bank and the International Monetary Fund (IMF).
AFC is a pan-African Multilateral Development Financial Institution that seeks to bridge Africa’s infrastructure investment gap through the provision of debt and equity finance, project development, technical and financial advisory services.
Private investors own 55.3% of the corporation. A further 44.7% is owned by the Central Bank of Nigeria.
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