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The African Development Bank’s Board of Directors approved $27.33 million in grants to help the African Union (AU)  to mobilize a continental response to control the spread of COVID-19 pandemic.

African Development Bank

This approval follows a pledge to support the AU’s COVID-19 initiative by the Bank’s president Akinwumi Adesina, during a meeting of the extended Bureau of the Conference of Heads of State and Government with Africa’s private sector in April 2020, chaired by the President of South Africa and chairperson of the AU, Cyril Ramaphosa.

The meeting called for contributions towards the African Union’s COVID-19 Response Fund established by Mr Moussa Faki Mahamat,  AU Commission chairperson in March 2020.

Speaking after the Board approval of this operation, President Adesina said: “With this financing package, we are reaffirming our strong commitment to a coordinated African response in the face of COVID-19. Most importantly, we are sending a strong signal …

An artisan at work. Financing SMEs could be the basis for consecutive impressive East African economic outlook. www.theexchange.africa

The economic disruption caused by the Covid-19 pandemic has slowed the region’s growth projection to 1.2 per cent for 2020.…

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African Development Bank approves $27m for African Union

The African Development Bank approved a grant of $27.4 to boost the efforts of the African Union (AU) to mobilize continental response to curb the spread of COVID-19 pandemic.

“With this financing package, we are reaffirming our strong commitment to a coordinated African response in the face of COVID-19. Most importantly, we are sending a strong signal that collectively, the continent can address the pandemic in Africa, which is straining health systems and causing unprecedented socio-economic impacts on the continent.” Said Akinwumi Adesina, African Development Bank President after the approval of the funds.

About $26.03 million of the grant will help strengthen the institutional capacity of the Africa Centres for Disease Control and Prevention (Africa CDC) to respond to public health emergencies across the continent. The remaining balance of about $1.37 million will be a contribution to the AU COVID-19 Response Fund.

The two grants are from the bank’s African …

Support towards Africa’s private sector: Africa Investment Forum

Partners of the  Africa Investment Forum said the increased and decisive investment will be the channel for Africa’s economic recovery post-COVID-19.

The partners expressed their confidence in Africa’s potential to recover from the ongoing crises in the economy and health.

“Africa will come out of this pandemic, tough as it is, and will build better and stronger economies. As partners of the Africa Investment Forum, the premier investment platform for Africa, our gaze must be clear; help Africa reboot its economy,” said African Development Bank President Dr Akinwumi Adesina, during a two-day virtual meeting for Africa Investment Forum founding, institutional and knowledge partners.

During the virtual meeting, the Africa Investment Forum revealed 15 projects under its Unified COVID-19 Response identified across five sectors for priority funding consideration. The five sectors include energy, agriculture and agro-processing, health, ICT and telecoms and industrial and trade.

The 15 deals are from the forum’s …

African Development Bank approves €88m to Cameroon

The Board of Directors of the African Development Bank board of directors approved €88 million in loans to Cameroon to finance COVID-19 crisis response. 

The loan to Cameroon’s COVID-19 Crisis Response Budget Support Programme (PABRC) is under the bank’s COVID-19 Rapid Response Facility (CRF) of up to $10 billion which is meant to cushion the impact of the pandemic on health and economy of African Countries. 

For instance, the pandemic has shown the structural weakness of Cameroon’s health system and economy and mostly the limited human and financial resources allocated to the health sector. 

Also Read: AfDB president woos UK investors to take advantage of AfCFTA

The COVID-19 Crisis Response Budget Support Programme (PABRC) aims at checking the spread of the virus, save lives and control the impact on the socio-economy of the country. 

The programme will ensure the reduction of case fatality and improving the