The leading financial intuition African Development Bank has approved a support of approximately $289 million for Morocco as part of its program to support the response of Covid-19 (PARC 19).
- With rapid deployment of resources, PARC-19 contributes to the Kingdom’s response efforts to the health, economic and social crisis triggered by the Covid-19 epidemic.
- The second objective of this operation aims to help preserve the purchasing power of Moroccans.
- In this perspective, the program will support public financial support measures, which benefit employees in the formal and informal sectors during periods of confinement.’
- The fund will also support government efforts to support 4.3 million households in the informal sector as well as 800,000 employees affiliated to the National Social Security Fund (CNSS).
The prominent projects and supports by AfDB in last six months featured below:
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 has 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) 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.
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.