Wednesday,
April 08, 2020 / 06:32 PM / By AfDB / Header Image
Credit: @AfDB_Group
The
African Development Bank Group on Wednesday announced the creation of the
COVID-19 Response Facility to assist regional member countries in fighting the
pandemic.

The
Facility is the latest measure taken by the Bank to respond to the pandemic and
will be the institution's primary channel for its efforts to address the
crisis. It provides up to $10 billion to governments and the private sector.
Akinwumi
Adesina, President of the African Development Bank Group, said the package 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. 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, commending the Board of Directors
for its unwavering support.
The
Facility entails $5.5 billion for sovereign operations in African Development
Bank countries, and $3.1 billion for sovereign and regional operations for
countries under the African Development Fund, the Bank Group's concessional arm
that caters to fragile countries. An additional $1.35 billion will be devoted
to private sector operations.
Commenting
on the Facility, Acting Senior Vice-President Swazi Tshabalala said: "The
setting up of the Facility required a collective effort and courage by all our
staff, Board of Directors and our shareholders."
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.
"These
are extraordinary times, and we must take bold and decisive actions to save and
protect millions of lives in Africa. We are in a race to save lives. No country
will be left behind," Adesina said.

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