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COVID-19: AfDB unveils $10 billion facility for Nigeria, others

Chidinma Nwagbara by Chidinma Nwagbara
April 9, 2020
in Business News
Africa’s energy transition will cost an estimated $100 billion annually between 2020 and 2040 – AfDB

Akinwumi Adesina, President of AfDB

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The African Development Bank Group (AfDB) has announced the provision of a $10 billion COVID-19 Response Facility for Nigeria and other regional member countries to help fight the coronavirus pandemic.

In a statement released, the President of the African Development Bank Group, Akinwumi Adesina stated that the facility took into account the fiscal challenges that many African countries are facing.

“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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“We must protect lives. This Facility will help African countries to fast-track their efforts to contain the rapid spread of COVID-19,” Adesina said as he commended the Board of Directors for its undiluted support.

[READ MORE: COVID-19: AfDB lists largest social bond on London Stock Exchange)

Breakdown: According to the bank, the facility would be provided for both the governments and the private sector. While $5.5 billion would go to sovereign operations in AfDB countries, $3.1 billion goes to sovereign and regional activities for African Development Fund member countries and the additional $1.35 billion will be devoted to private sector operations. COVID-19: How the tables turned on Europe, FG travel restrictions on 13 countries: A little too late?

READ MORE: AfDB, Asian Bank, others worsen poor nations’ debt problem – World Bank

This development announced by AfDB happens to be the latest measure the bank has put in place to respond to the pandemic and address the crisis.

Recall that Nairametrics had reported when the bank launched a $3 billion Fight COVID-19 Social Bond, the largest social bond on the London Stock Exchange. The bond, which raised an exceptional $3 billion, was launched to reduce the impact of COVID-19 on Africa’s economies and livelihoods.

READ ALSO: Nigeria considers request for debt relief as debt stock climbs

The transaction, which is also the first bond of the financial institution on the London Stock Exchange, was oversubscribed and attracted $4.6 billion of interest in the book.

Also, last week, the Board of Directors approved a $2 million grant for the World Health Organization for its efforts on the continent amidst the pandemic.


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Tags: African Development Bank GroupAkinwumi AdesinaBusiness NewsCoronavirus pandemicCovid-19COVID-19 Response FacilityLondon Stock ExchangeOn the MoneyWorld Health Organization
Chidinma Nwagbara

Chidinma Nwagbara

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - chidinma.nwagbara@nairametrics.ng

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