What Africa needs to overcome COVID-19 pandemic ─AfDB

Isola Moses | ConsumerConnect

In view of the damaging effects of Coronavirus pandemic on diverse economies on the African continent, the African Development Bank (AfDB) Group has recommended accelerated global health and economic effort as imperative actions the beleaguered region requires to defeat the deadly virus.

Dr. Akinwumi Adesina, President of AfDB, stated this Wednesday, April 22 at a global Corporate Council on Africa (CCA) via web-based seminar.

The Bank’s Communications and External Relations Department, in a statement, disclosed that the Corporate Council on Africa is a leading United States (US) business association that promotes business and investment between the US and Africa.

Dr. Adesina said “one death is one too many”, just as “our collective humanity is at stake.”

The AfDB President, therefore, urged U.S. and African government officials as well as corporate executives engineer new and sustainable, lasting partnerships beyond the pandemic crisis era.

Urging participants to be their brother’s and sister’s keepers, Adesina stated that there is a compelling need to pay attention to underlying global inequalities, and the impact on rich and poor countries, especially African economies.

He also stressed the bank’s recent issuance of a record-breaking three billion Dollars “Fight COVID-19” bond, which he described as the largest ever US Dollar-denominated social bond.

He said the bond was oversubscribed at 4.6 billion Dollars and was listed on the London Stock Exchange (LSE).

“The bank’s response package includes 5.5 billion Dollars earmarked for African governments, 3.1 billion Dollars for countries that fall under the bank’s Concessionary African Development Fund, and 1.4 billion dollars for the private sector,” he said.

On Africa’s health care system, he said the region needed to do more than double spending in the sector.

The acute shortage of facilities and pharmaceutical companies on the continent should offer development and investment opportunities now, he stated.