Nigeria, others to get AfDB loan of $10bn

The setting up of the facility required a collective effort and courage by all our staff, the board of directors and our shareholders
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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 battle COVID-19.

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.

“We must protect lives. This facility will help African countries to fast-track their efforts to contain the rapid spread of COVID-19.”


According 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.

Of 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.


“The 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.

In 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.

“Two 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 website reads.

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