AfDB launches $10bn Response Facility to curb COVID-19
The African Development Bank Group has unveiled a $10 billion COVID-19 Response Facility to assist regional member countries in fighting the pandemic.
The facility entails $5.5 billion for sovereign operations in African Development Bank countries, and $3.1 billion for sovereign and regional operations for countries under the African Development Fund, the bank group's concessional arm that caters to fragile countries. An additional $1.35 billion will be devoted to private sector operations.
It is the latest measure taken by the bank to respond to the pandemic and will be the institution's primary channel for its efforts to address the crisis.
Two weeks ago, the bank launched a record-breaking $3 billion Fight COVID-19 Social Bond, the world's largest US dollar-denominated social bond ever on the international capital market.
