The African Development Bank (AfDB) has set up a new $10 billion facility to help ameliorate the negative impacts of the coronavirus outbreak on the continent. In a statement, AfDB President Akinwumi Adesina said that the fund would include $5.5 billion for sovereign operations in the countries where the bank operates, and $3.1 billion for sovereign and regional operations in countries that benefit from the African Development Fund, the AfDB's arm for fragile countries. An additional $1.35 billion will be for private sector operations. "Africa is facing enormous fiscal challenges to respond to the coronavirus pandemic effectively,” said Adesina in a press release. “We must protect lives. This facility will help African countries to fast-track their efforts to contain the rapid spread of COVID-19.” AfDB's Egypt Resident Representative Malinne Blomberg had announced on Tuesday that the bank issued an exceptional three-year bond in order to alleviate the social and economic impacts on African countries economies from the pandemic. Blomberg's announcement came during a videoconference meeting with Egypt's Minister of International Cooperation Rania Al-Mashat. The bond aims at introducing flexible solutions to cope with impacts on the private sector in African countries. Also, AfDB last week approved $2 million in emergency assistance to the World Health Organization (WHO), to enhance its capabilities in helping African countries to combat the pandemic.
