Bank allots $10 billion to Africa coronavirus response

April 8th, 2020 – The African Development Bank Group on Wednesday announced the creation of the COVID-19 Response Facility of $10 billion to government and the private sector 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.

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’s concessional arm that caters to fragile countries. An additional $1.35 billion will be devoted to private sector operations.

More…http://www.nanews.net/news/bank-allots-10-billion-to-africa-coronavirus-response/

Written by Nordic Africa News