Saturday, April 17, 2021
  • Markets & Companies
    • Stock Market
    • Companies
    • Appointments
    • Commodities
  • Business & Economy
    • Energy
    • Agricultural Economy
    • Insurance & Pensions
    • Aviation
    • Maritime
    • Road Transport
    • Financial Inclusion
    • Investment
    • Manufacturing
    • Consumer Goods
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street is a meeting point for technology, economy, and journalism.
No Result
View All Result
  • Markets & Companies
    • Stock Market
    • Companies
    • Appointments
    • Commodities
  • Business & Economy
    • Energy
    • Agricultural Economy
    • Insurance & Pensions
    • Aviation
    • Maritime
    • Road Transport
    • Financial Inclusion
    • Investment
    • Manufacturing
    • Consumer Goods
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS
Financial Street is a meeting point for technology, economy, and journalism.
No Result
View All Result

AfDB: From commitment to action in COVID-19 response

Financial Street by Financial Street
June 16, 2020
in Covid19
0
AfDB president: Adesina to be sworn in for second term today
0
SHARES
5
VIEWS
Share on FacebookShare on TwitterShare on LinkedInShare on WhatsApp

AfDB has responded swiftly to the needs of its member countries amid the COVID-19 crisis that hit the world at the wake of year 2020

African Development Bank’soperations have continued to run smoothly since the first case appeared in early March, despite the wide range of lockdowns and measures imposed by governments to flatten the curve.

READ ALSO

AfDB boss decries COVID-19 vaccine shortage in Nigeria, others

Dark web threatens valid COVID-19 vaccines, certificates

The coronavirus disease is forecast to cause Africa’s Gross Domestic Product to drop by between $22.1bn and $88.3bn.

Read Also:

  • Food prices in Nigeria and need to halt herders/farmers' conflicts
    Food prices in Nigeria and need to halt…
  • Affordable housing as mirage despite govt’s intervention
    Affordable housing as mirage despite govt’s intervention
  • Curbing price gouging in Nigeria's free market
    Curbing price gouging in Nigeria's free market

Having fought off Ebola, African countries are working to adapt to this new threat and looking to the bank for an effective, multilateral response to the crisis.

As of June 12, COVID-19 emergency packages of the bank reached the continent’s five geographic regions.

 

West Africa

Before the advent of the pandemic, West Africa was home to at least four of the continent’s fastest-growing economies, and it has felt the impact of the disease hard, as borders remain closed and economic and social distress deepens.

Gambia, Mali and Niger will benefit from an Economic Community of West African States support package to bolster national health systems in response to the pandemic. Much of the funds to this region will seek to address shortages in personal protective equipment, ventilators and other emergency equipment. The support will also enable governments to provide shortfall cash to the millions of people who have been affected by mass lay-offs or are unable to work because of lockdowns.

 

North Africa

The North African region is the worst hit by the pandemic, with over 60,000 cases as at June 12. The disease has already triggered a sharp drop in household incomes in North Africa, as export and tourism earnings suffer. The region will be assisted with a series of emergency operations to boost containment measures and help to ensure the supply and distribution of laboratory tests and reagents. The package will also support national and regional coordination mechanisms.

 

East Africa

The continent’s fastest-growing region, economically, has been simultaneously struck by the coronavirus outbreak and an infestation of desert locusts, a double whammy for the region’s farmers and economies.

In a region of climate change and water scarcity, post-harvest losses and poorly developed agricultural markets could threaten the promise of economic reforms and investment.

Ethiopia, Kenya and Rwanda are the top-performing countries, which have all seen a sharp fall in tourism revenue.

 

Southern Africa

A decisive lockdown has been effective in stemming the spread of COVID-19 in the region’s economic powerhouse, South Africa. The spread of the virus is by no means curtailed. Measures taken across the region to contain the pandemic have affected millions of people, many of whom work in the informal sector of the economy.

Assistance to this region comes in the form of preventive and protection measures as well as financial assistance to the vulnerable beyond the end of the epidemic.

 

Central Africa

In Central Africa, Cameroon has reported over 8,000 cases as at June 12,and significant community transmission.

The package approved for this region, $13.5m, will target the provision of PPEs, testing kits and healthcare and laboratory facilities, for Chad, the Democratic Republic of Congo and the Central African Republic, which are among the countries with the least number of ventilators on the continent.

 

Timeline

The bank’s rollout of emergency response support to assist African countries began in March and has provided a package of financial relief and preparedness and response assistance.

March 27: The Bank raised $3bn from the Fight COVID-19 Social Bond, the largest dollar-denominated social bond ever launched in international capital markets. Proceeds from the bond, with a three-year maturity, will help alleviate the impact of the pandemic on livelihoods and Africa’s economies.

April 2: The bank provided $2m in emergency assistance to the World Health Organisation bolster the capacity of member countries on infection prevention, testing and case management. WHO Africa will also boost surveillance systems, procure and distribute laboratory test kits, and support coordination at national and regional levels.

April 8: The bank announced a COVID-19 Response Facility that will provide up to $10bn to African governments and the private sector to tackle the disease and mitigate suffering that results from the economic downturn and job losses.

close
Subscribe to our newsletter and join thousands of readers of our financial, economic & investments news blog!
We don't spam with your email

Check your inbox or spam folder to confirm your subscription.

  • Facebook
  • Twitter
  • Pinterest
  • LinkedIn

Tags: AfDBAfDB Africa's Covid-19 aidAfDB covid-19 aid

Get real time update about this post categories directly on your device, subscribe now.

Unsubscribe
Financial Street

Financial Street

Related Posts

AMSP opens COVID-19 vaccines pre-orders for Africa countries
Covid19

AfDB boss decries COVID-19 vaccine shortage in Nigeria, others

March 16, 2021
Dark web threatens valid COVID-19 vaccines, certificates
Covid19

Dark web threatens valid COVID-19 vaccines, certificates

March 4, 2021
2021 will be critical in fighting COVID-19, climate – Guterres
Covid19

WHO supports COVID-19 surveillance in Nigeria

February 26, 2021
African business leaders call for sustainable response to COVID-19
Covid19

W’Bank projects $1.6bn vaccine roll-out aid by March

February 20, 2021
Food prices plummet in Nigeria amid looming lockdown
Covid19

World Bank warns of food insecurity in 2021

February 5, 2021
Ecobank to mobilise fund against chronic malnutrition
Covid19

10m children may face acute malnutrition in 2021 – UNICEF 

December 31, 2020
Next Post
FMDQ to engage stakeholders to combating currency volatility

FMDQ to engage stakeholders to combating currency volatility

RECENT STORIES

YouTube suspends Nigerian TV evangelist

YouTube suspends Nigerian TV evangelist, TB Joshua’s account

April 16, 2021
Train 7 project: Nigeria to clampdown on erring expatriates

Train 7 project: Nigeria may sanction expatriates

April 16, 2021
Negative growth hits Nigerian States’ IGR

Negative growth hits Nigerian states’ IGR

April 16, 2021
We’ll prioritise access to COVID-19 vaccine

We’ll prioritise access to COVID-19 vaccine – AU

April 16, 2021
AstraZeneca: AZD1222 vaccine met primary efficacy in preventing COVID-19

Africa CDC unsure of second COVID-19 vaccine

April 16, 2021
We recognise importance of energy efficiency – OPEC boss

Nigeria seeks Commonwealth’s support on net-zero emissions

April 16, 2021
BUA, Dangote settle rift over sugar pricing

BUA, Dangote settle rift over sugar pricing

April 16, 2021

TRENDING

  • Adesegun Banjoko, President-elect, National Association of Block Moulders of Nigeria

    Blame govt for high cement price – Banjoko

    0 shares
    Share 0 Tweet 0
  • Professionals need strategy to survive in job market – Funmi Bajulaiye

    2 shares
    Share 0 Tweet 0
  • Affordable housing as mirage despite govt’s intervention

    0 shares
    Share 0 Tweet 0
  • Executive Order 007 indispensable for road infrastructure development – Shonubi

    0 shares
    Share 0 Tweet 0
  • Dealing with car overheating

    0 shares
    Share 0 Tweet 0
Financial Street is a meeting point for technology, economy, and journalism.

© Financial Street 2020. All Rights Reserved.

More Links

  • Privacy Policy
  • Terms of Use
  • Contact Us

Follow Us

No Result
View All Result
  • Markets & Companies
    • Stock Market
    • Companies
    • Appointments
    • Commodities
  • Business & Economy
    • Energy
    • Agricultural Economy
    • Insurance & Pensions
    • Aviation
    • Maritime
    • Road Transport
    • Financial Inclusion
    • Investment
    • Manufacturing
    • Consumer Goods
  • INNOVATION
  • EMPIRE
  • OPINION
  • CULTURAL CURRENTS
  • Features
  • AE Magazine
  • CORPORATE RENDEZVOUS