Akinwumi "Akin" Adesina, President of the African Development Bank.
Nigeria and other regional member countries will obtain up to $10
billion in emergency credit from the African Development Bank (AfDB) to
Akinwunmi Adesina, the AfDB leader said on
Wednesday "Africa faces immense fiscal challenges in responding
effectively to the coronavirus pandemic. At this crucial time, the
African Development Bank Community is deploying its full weight of
emergency aid funding to Africa.
protect lives. This facility will help African countries to fast-track
their efforts to contain the rapid spread of COVID-19.”
to the Abidjan-based lender, the new funding for the pandemic campaign
would serve as the essential means through which concrete measures aimed
at resolving the crisis can be enforced.
The stimulus has among its beneficiaries even the private sector.
the lump sum, $5.5 billion goes to sovereign operations in member
states of the AfDB, $3.1 billion goes to sovereign and global activities
for member countries of the African Development Fund and an additional
$1.35 billion goes to the private sector.
setting up of the facility required a collective effort and courage by
all our staff, the board of directors and our shareholders,” said Swazi
Tshabalala, Acting Senior Vice-President.
the last week of March, AfDB inaugurated its $3 billion Battle COVID-19
Social Bond which is said to be the highest US dollar-denominated social
bond in history to appear on the international capital market.
weeks ago, the Bank launched a record-breaking $3 billion Fight
COVID-19 Social Bond, the world’s largest US dollar-denominated social
bond ever on the international capital market. Last week, the Board of
Directors also approved a $2 million grant for the World Health
Organization for its efforts on the continent,” a statement on the AfDB