The African Development Bank has given the largest social bond documented to help Fight COVID-19.
The pandemic has brought about critical times for Africa as many challenges arise due to the virus. The African Development Bank (AFDB) has taken the stand to step up in this tragic time with a $3billion donation to the cause. The donation of the $3bn is the first part that the AFDB has taken in the fight against COVID-19.
COVID-19 seems to be placing strains on already fragile systems as stated by one of the officials of the bank. The spread of the pandemic was slow to reach Africa but it has thus spread rapidly and there is no positive news towards stopping the virus at hand.
The Fight COVID-19 was allocated to central banks and official institutions. The donation will help all African countries buy all the necessary equipment to wash off the pandemic as fast as possible. We are here for Africa, commented Dr Akinwumi.
“We are thankful for the exceptional level of interest the Fight Covid-19 Social Bond has raised across the world, as the African Development Bank moves towards lessening the social and economic impact of the pandemic on a continent already severely constrained. Our social bond programme enables us to highlight our strong development mandate to the investor community, allowing them to play a part in improving the lives of the people of Africa. This was an exceptional outcome for an exceptional cause,” said Hassatou Diop N’Sele, treasurer, African Development Bank.