The African Development Bank (AfDB) launched a $10 billion COVID-19 response facility on Wednesday aimed at helping the continent confront the pandemic, which is already wreaking havoc on the region’s economies.
In a statement, the Abidjan-based bank said the emergency credit facility includes $5.5 billion for sovereign operations in AfDB countries and $3.1 billion under the African Development Fund, the bank’s concessional arm, for fragile countries.
It will provide an additional $1.35 billion for private sector operations.
The AfDB joins other multilaterals from the International Monetary Fund to the World Bank in providing emergency funding to developing and low-income countries across the world which have been battered by the pandemic.
The bank sold a record $3 billion debt issue last month to raise financing to help combat the economic fallout from the disease.