The leading financial intuition African Development Bank Group has announced the creation of the COVID-19 Response Facility to assist regional member countries in fighting the coronavirus pandemic.
African Development Bank will support up to $10 billion to governments and the private sector in the African regions to combat the global epidemic COVID-19.
The prominent projects and supports by AfDB are featured below:
- March 2020: African Development Bank (AfDB) managed Africa Fertilizer Financing Mechanism (AFFM) has announced the investment of around $2.2 million to provide fertilizer suppliers in Nigeria with financial support to improve supply for 200,000 smallholder farmers.
AFFMs trade credit guarantee project is the first such project in Nigeria and involves 10 fertilizer suppliers, 12 hub agro-dealers and 120 retail agro-dealers. The project also includes the training of farmers for proper fertilizer use and other agricultural best practices.
- March 2020: AfDB had announced an agreement with Sudans largest conglomerates DAL Group, for the provision of up to $75 million to improve food security and household incomes in the country. The agreement is the Banks first private sector loan to the East African nation.
- December 2019: AfDB had approved a $60 million loan to Elnefeidi Group Holding Company to help finance its long-term agriculture and food expansion programme.
About African Development Bank (AfDB)
African Development Bank (AfDB) Group is a multilateral development bank, headquartered in Abidjan, Côte dIvoire. AfDB was established in 1963 by the Organization of African Unity (OAU) to promote sustainable economic development in the region. The main objective is to spur sustainable economic development and social progress in its regional member countries (RMCs), and finally help in poverty reduction.