The African Development Bank announced on Wednesday the creation of a $ 10 billion fund to help regional member countries combat the spread of Covid-19 on the continent. This new initiative by the Bank will serve as its main relay to direct its operations in the context of the current crisis. This fund is made available to governments and all stakeholders in the African private sector.



The President of the African Development Bank Group, Akinwumi Adesina, said that this envelope took into account the budgetary difficulties of many countries of the continent. "Africa is facing enormous budgetary challenges to respond effectively to the coronavirus pandemic. The African Development Bank is deploying all of its emergency response capabilities to help Africa at this critical time. We have to protect lives. This fund will assist African countries in their efforts to contain the rapid spread of Covid-19. "Said President Adesina, welcoming the unwavering support of the directors of the Bank.



The fund has $ 5.5 billion for sovereign operations in member countries of the Bank and $ 3.1 billion for sovereign and regional operations through the countries of the African Development Fund, the loan window to Bank Group concessional rates charged with meeting the needs of fragile countries. An additional $ 1.35 billion will be spent on private sector operations. "The implementation of this system required a collective effort and courage on the part of all our staff and our shareholders," said the acting senior vice-president of the Bank, Swazi Tshabalala, about the creation. of this fund.











