The AfDB (African Development Bank) has unveiled a $10 billion COVID-19 Response Facility to governments and the private sector, that seeks to enable regional member countries to mitigate impacts of the global pandemic.
Africa is facing enormous challenges in responding 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. This Facility will help African countries to fast-track their efforts to contain the rapid spread of the virus.
Akinwumi Adesina, AfDB President
The funding will be distributed as follows:
- $5.5 billion for sovereign operations in AfDB countries
- $3.1 billion for regional operations for member countries of the African Development Fund
- $1.35 billion for private sector operations.
Already, the bank successfully sold a three-year $3 billion bond as part of its efforts to offer financial supports to countries and businesses fighting against the global COVID-19 pandemic. Thereafter, it became the first bond from AfDB to list on London Stock Exchange, and the largest to be admitted to London’s Sustainable Bond Market.
Early this week, AfDB approved a $2 million emergency funding for the World Health Organization (WHO) to help African countries fight the COVID-19 pandemic impacts.
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