Africa: AfDB Says $10bn Covid-19 Fund Boosting Africa’s Recovery

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Sumary of Africa: AfDB Says $10bn Covid-19 Fund Boosting Africa’s Recovery:

  • The African Development Bank (AfDB) has said the $10 billion COVID-19 relief facility it began disbursing since the heat of the pandemic in 2020 is boosting the recovery of several African countries..
  • The Vice President, Regional Development, Integration and Business Delivery Complex, Khaled Sherif, stated this at the bank’s pre-annual meetings virtual press conference..
  • Six countries struggled to finance their sovereign debts because of the oil price collapse and the pandemic while eight others found it hard to pay their civil servants and domestic debts..
  • Sherif said it became imperative for the bank to find a way to assist regional member countries in terms of financing bilateral debts and ensuring that state-owned enterprises and private sector firms do not fail..
  • “So the AfDB created what is known as the crisis relief facility and it was a $10 billion facility including $5.2bn for COVID relief to help countries that were affected by COVID,”.
  • The Vice President and Chief Finance Officer, Bajubile Swazi Tshabalala, said AfDB is committed towards improving its presence in the health sector of African countries through its High Five programme that includes industrialising Africa, power supply and water and sanitation…

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