Africas leading financial agency the African Development Bank approved, in Abidjan, a loan of approximately $200 million to Tunisia to finance the program to support the response to Covid-19 by the social inclusion and employment (PARISE).
- It will help strengthen early detection through the use of rapid tests for 450,000 people and it will extend social coverage for more than two million people, while protecting 140,000 retirees with low incomes.
- PARISE’s immediate objective is to strengthen the country’s health response and to mitigate the socio-economic impacts of the crisis on the most vulnerable populations, in particular for women and young people. The program also intends to support the rapid recovery of the economy by preserving employment and promoting social inclusion.
- On the one hand, the program will support measures taken to help contain the spread of the virus, strengthen the resilience of the health system and extend social coverage to the most vulnerable populations.
- On the other hand, PARISE aims to preserve jobs weakened by the crisis and to strengthen the dynamics of social inclusion. During the confinement period, an exceptional allowance is granted to 623,000 families with limited income, 10,000 workers experiencing job loss and 350,000 employees affected by the crisis.
The prominent projects and supports by AfDB in last six months featured below:
June 2020: African Development Bank (AfDB) has approved a loan of approximately $95 million to Senegal, hit hard by the novel coronavirus pandemic, in support of the costs of its national COVID-19 Economic and Social Resilience Program.
May 2020: African Development Bank has approved $203 million loan to support the Government of Kenyas efforts to respond to the COVID-19 pandemic and mitigate the related economic, health and social impacts.
May 2020: African Development Bank has announced that the Trust Fund Committee of the Clean Technology Fund (CTF), one of two funds within the Climate Investment Funds (CIF), to extend a $10 million concessional senior loan to Ethiopia. The load will help to develop a 50 MW Tulu Moyo Geothermal Power Plant project in Ethiopia.
April 2020: Sustainable Energy Fund for Africa (SEFA), which is managed by African Development Bank, has approved around $760,000 grant to Empower New Energy AS (EmNEW) , to develop small renewable energy projects across Sub Saharan Africa. As per agreement EmNEW has to develop at least eight small renewable energy projects with capacity ranging from1-10 MW.
April 2020: African Development Bank Group had announced the creation of the COVID-19 Response Facility to assist regional member countries in fighting the coronavirus pandemic.
March 2020: African Development Bank (AfDB) managed Africa Fertilizer Financing Mechanism (AFFM) had 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.
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.