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Browsing: African Development Bank Economic Outlook 2020 report
The African Development disbursed $5.6 million to Niger to implement its Africa Disaster Risk Management Funding Programme (ADRiFi).
The funds are from the African Development Fund (ADF-15) as technical and institutional support to strengthen the country’s resilience and response to drought-related disasters.
The project will be co-financed by the Bank’s group concessional rate loan window and the Pan-African mutual managed fund, a risk contribution of $1 million and by the Nigerien government $1.4 million.
Africa Disaster Risk Management Funding Programme (ADRiFi) aims to strengthen Niger’s resilience and response to climate shocks by improving its disaster risk management and adaptation to climate change.
ADRiFi will therefore provide financial and technical support to the Niger’s government through capacity building in terms of drought risk assessment, prevention of drought-related food crises and development of contingency plans. It will also support through transfer of sovereign risk through the subscription of insurance against drought risks …
North Africa will face an economic contraction forecast between 0.8 and 2.3 per cent in 2020 according to the African Development Bank Economic Outlook 2020 report.
The report noted that the prerequisites for resilience and emerging from the crisis are social inclusion, Socioeconomic stability and human capital development.
According to the report, the services, tourism and industrial sectors which are the main economic contributors in North Africa are likely to be hardest hit by the pandemic.
Due to the pandemic, countries in the region implemented health and budget measures to curb the spread of the virus and protect their populations. This led to an economic slowdown due to disruptions in different sectors which led to large-scale socioeconomic consequences.
Restrictions being lifted in North Africa is raising uncertainty and suggests two distinct recovery scenarios, the first scenario based on a timeline for emerging from the crisis in July 2020 while the …