The African Development Bank (AfDB) says it will provide $10
billion in 2020 to help African countries and their private sectors
to respond to the COVID-19 crisis through its COVID-19 response
facility (CRF).
The Board of the Bank also approved $2 million emergency
assistance to the World Health Organization (WHO) to contain the
COVID-19 pandemic in Africa.
In a zoom meeting attended by our Correspondent on Wednesday
noon, the Manager, Public health, AfDB, Dr Babatunde Omilola said
out of the $10 billion, $5.5 billion would be spent for sovereign
operations in AfDB countries, while $3.1 billion would be committed
to sovereign and regional operations for countries under the
African development fund (ADF) and $1.4 billion will be devoted to
private sector operations.
Omilola further disclosed that the development finance
institution was preparing six emergency regional public good
operations valued at $98 million ADF grant for West Africa, East
Africa, Southern Africa, Central Africa, the Africa CDC and the G5
Sahel countries (Burkina Faso, Chad, Mauritania, Mali and
Niger).
According to him, AfDB has raised US$3b, the largest social bond
ever launched in capital markets in its first COVID-19 social bond
issued in 2020. The resources from the bond, he explained, will go
towards providing facilities and responses aimed at lessening the
severe economic and social impact of the virus in the Bank’s
regional member countries.
Omilola said the CRF was part of the bank’s response mechanism
to the COVID-19 pandemic, adding that from April to June, 2020, the
Bank’s immediate response will ensure the supply of emergency
materials to the African region.
He also said local production of essential supplies will be
boosted as a short term response from June to December 2020 while
the Bank will develop Africa health defense system as a medium to
long term strategy from 2020 to 2025.
As part of efforts to incentivize the private sector, Dr Omilola
revealed the AfDB has proposed to provide grants to 10 eligible and
viable local small and medium enterprise (SME) manufacturers in
each region of the continent (North, South, East, Central West
Africa and Nigeria).
He explained that the grants aim at transforming the beneficiary
countries’ manufacturing capabilities so that they can produce more
medical supplies that are needed on the continent and also provide
other essential medical care that are required to respond quickly
to COVID-19. The items, he said, include medical masks,
alcohol-based sanitizers, amongst others.
The African Development Bank (AfDB) says it will provide $10
billion in 2020 to help African countries and their private sectors
to respond to the COVID-19 crisis through its COVID-19 response
facility (CRF).
The Board of the Bank also approved $2 million emergency
assistance to the World Health Organization (WHO) to contain the
COVID-19 pandemic in Africa.
In a zoom meeting attended by our Correspondent on Wednesday
noon, the Manager, Public health, AfDB, Dr Babatunde Omilola said
out of the $10 billion, $5.5 billion would be spent for sovereign
operations in AfDB countries, while $3.1 billion would be committed
to sovereign and regional operations for countries under the
African development fund (ADF) and $1.4 billion will be devoted to
private sector operations.
Omilola further disclosed that the development finance
institution was preparing six emergency regional public good
operations valued at $98 million ADF grant for West Africa, East
Africa, Southern Africa, Central Africa, the Africa CDC and the G5
Sahel countries (Burkina Faso, Chad, Mauritania, Mali and
Niger).
According to him, AfDB has raised US$3b, the largest social bond
ever launched in capital markets in its first COVID-19 social bond
issued in 2020. The resources from the bond, he explained, will go
towards providing facilities and responses aimed at lessening the
severe economic and social impact of the virus in the Bank’s
regional member countries.
Omilola said the CRF was part of the bank’s response mechanism
to the COVID-19 pandemic, adding that from April to June, 2020, the
Bank’s immediate response will ensure the supply of emergency
materials to the African region.
He also said local production of essential supplies will be
boosted as a short term response from June to December 2020 while
the Bank will develop Africa health defense system as a medium to
long term strategy from 2020 to 2025.
As part of efforts to incentivize the private sector, Dr Omilola
revealed the AfDB has proposed to provide grants to 10 eligible and
viable local small and medium enterprise (SME) manufacturers in
each region of the continent (North, South, East, Central West
Africa and Nigeria).
He explained that the grants aim at transforming the beneficiary
countries’ manufacturing capabilities so that they can produce more
medical supplies that are needed on the continent and also provide
other essential medical care that are required to respond quickly
to COVID-19. The items, he said, include medical masks,
alcohol-based sanitizers, amongst others.