The African Development Bank (AfDB) has on Friday launched a $10 billion facility to help governments and private sectors in the continent mitigate the economic impact of the coronavirus. The fund will include $5.5 billion for sovereign operations in the countries where the bank operates, said AfDB's president Akinwumi Adesina in a statement. This is in addition to $3.1 billion for sovereign and regional operations in countries that benefit from the African Development Fund, the AfDB's arm for fragile countries, as well as $1.35 billion will be for private sector operations, Adesina added. “Africa is facing enormous fiscal challenges to respond to the coronavirus pandemic effectively," said AfDB president. "We must protect lives. This facility will help African countries to fast-track their efforts to contain the rapid spread of COVID-19." On Tuesday, AfDB's Egypt Resident Representative Malinne Blomberg announced that the bank issued an exceptional three-year bond to help ease the social and economic impact on African countries economies from the virus pandemic. Blomberg's announcement made during a videoconference meeting with Egyptian Minister of International Cooperation Rania Al-Mashat. The bond will go for introducing flexible solutions to cope with impacts on the private sector in African countries. Last week, AfDB also approved $2 million in emergency assistance to the World Health Organisation (WHO), to enhance its capabilities in helping African countries combat the pandemic.
