The prominent financial agency of Africas the African Development Bank has approved a $288.5 million loan to help Nigeria tackle the COVID-19 pandemic and mitigate its impact on people and businesses.
- The fund will bolster the governments plans to improve surveillance and response to COVID-19 emergencies, ease the impact on workers and businesses and strengthen the social protection system.
- Nigeria, Africas most populous nation and the continents largest oil producer, is facing twin crises a health epidemic caused by COVID-19, and an economic crunch largely occasioned by a global oil price plunge.
The prominent projects and supports by AfDB in last six months featured below:
June 2020: 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).
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.