News & Analysis: AfDB

African Development Bank supports continental strategy on COVID-19 with US$27.33 million

“Awarded under three key components – technical assistance and capacity building, institutional support, and contribution to the African Union COVID-19 Response Fund – the grant is to support implementation of the Africa Joint Continental Strategy for COVID-19 Outbreak.”

via Africa CDC

Responding to COVID-19: An exclusive interview with AfDB President Adesina

“For the first time in twenty-five years, African markets are set to contract, and African governments will need an estimated $150 billion to cover the fiscal gap created by COVID-19. In response, the African Development Bank (AfDB) has launched a bold $10 billion facility and an unprecedented $3 billion social bond.”

via Atlantic Council

Coronavirus changes everything for Africa

“The continent could take a generation to recover, argues President Paul Kagame of Rwanda, and the post-crisis future could look markedly different from the past.”

via African Business Magazine

Coronabonds made in Africa

“Earlier this month, the African Development Bank launched a $3bn three-year ‘Fighting COVID-19’ social bond on the London Stock Exchange. The bond is the largest dollar-denominated social loan transaction ever placed on capital markets. It is also the AfDB’s largest dollar benchmark, and its first listing on the LSE.”

via OMFIF

The African Development Bank and its partners want your ideas for beating the COVID-19 pandemic

“The African Development Bank and partners are set to host an online #AfricaVsVirus Challenge from 16 to 19 April 2020. The 72-hour competition is a global hackathon – or “ideathon” – to develop effective solutions to the coronavirus pandemic. The Challenge is open to entrepreneurs, companies, civil society organizations and governments with bankable solutions or ventures to address the pandemic.”

via AfDB

African Development Bank Group unveils $10 billion Response Facility to curb COVID-19

“The African Development Bank Group on Wednesday announced the creation of the COVID-19 Response Facility 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. It provides up to $10 billion to governments and the private sector.”

via AfDB

COVID-19: International organisations pledge funds to Africa

“Experts are already saying that the impact of the current COVID-19 pandemic will be a lot deeper than during the last global economic shock following the financial crisis of 2008 and will require bolder, rapid and bigger action to avert a prolonged downturn. A number of African and international organisations have already made pledges and offered lines of finance.”

via African Business Magazine

Nigeria seeks $6.9 bln from lenders to fund coronavirus fight

“Nigeria has requested $6.9 billion from multilateral lenders to combat the impact of the coronavirus pandemic on Africa’s biggest economy, the finance minister said on Monday. Nigeria, whose revenues have tumbled with the fall in oil prices, has asked for $3.4 billion from the International Monetary Fund, $2.5 billion from the World Bank and $1 billion from the African Development Bank (AfDB), Zainab Ahmed said.”

via Reuters

The pandemic is no time for fiscal distancing

“In the face of this pandemic, we must put lives above resources and health above debt. Why? Because developing economies are the most vulnerable at this time. Our remedies must go beyond simply lending more. We must go the extra mile and provide countries with much-needed and urgent financial relief — and that includes developing countries under sanctions.”

via AfDB

African Development Bank launches record breaking $3 billion “Fight COVID-19” Social Bond

“The African Development Bank has raised an exceptional $3 billion in a three-year bond to help alleviate the economic and social impact the COVID-19 pandemic will have on livelihoods and Africa’s economies… This is the largest dollar denominated Social Bond ever launched in international capital markets to date.”

via AfDB