Ghana benefits from $10bn AfDB COVID-19 Response Facility

Ghana is to benefit from the African Development Bank Group’s US$10 billion COVID-19 Response Facility to assist regional member countries including Ghana in fighting the pandemic.

The Facility, which will be available to governments and the private sector, is the latest measure taken by AfDB to respond to the pandemic and will be the institution’s primary channel for its efforts to address the crisis.

The AfDB acknowledges the devastating fiscal challenges African countries are faced with in attempts to respond to the coronavirus pandemic effectively. The bank is showing concern with deploying its full weight of emergency response support to assist the continent at this critical time to protect lives.

“This Facility will help African countries to fast-track their efforts to contain the rapid spread of COVID-19,” Dr. Akinwumi Adesina, President of the African Development Bank Group said. Adding that, the package took into account the fiscal challenges that many African countries are facing.

The Facility entails US$5.5 billion for sovereign operations in AfDB countries, and US$3.1 billion for sovereign and regional operations for countries under the African Development Fund, the Bank Group’s concessional arm that caters to fragile countries.

An additional US$1.35 billion will be devoted to private sector operations.

Commenting on the Facility, Acting Senior Vice-President Swazi Tshabalala said: “The setting up of the Facility required a collective effort and courage by all our staff, Board of Directors and our shareholders.”

Two weeks ago, AfDB launched a record-breaking US$3 billion Fight COVID-19 Social Bond, the world’s largest US dollar-denominated social bond ever on the international capital market.

Last week, the Board of Directors also approved a US$2 million grant for the World Health Organization for its efforts on the continent.

“These are extraordinary times, and we must take bold and decisive actions to save and protect millions of lives in Africa. We are in a race to save lives. No country will be left behind,” Adesina said.

Source: Adnan Adams Mohammed