AfDB Approves $10b for COVID-19 Fight

Aug 29 , 2020


The African Development Bank Group (AfDB), which re-elected Akinwumi A. Adesina (PhD) as president, has approved a 10-billion-dollar facility to support African countries in addressing the Novel Coronavirus (COVID-19) pandemic. During the annual meeting of the Bank held on August 27, 2020, the regional and non-regional members unanimously re-elected Adesina, who won his second five-year term via a virtual election. Adesina, whose first term at the Bank impacted the lives of 335 million Africans, is an economist and a World Food Prize and Sunhak Peace Prize laureate. During his term, the Bank has maintained its AAA-ratings by all major global credit rating agencies for five years in a row. The Board of Governors of the Bank Group had also approved a 125pc increase in the capital of the bank, raising it from 93 billion dollars to 208 billion dollars.


Radar

DREARY LANES

A street lamp around Addis Abeba Stadium melds into the concrete backdrop emblematic of the capital's ageing infrastructure. Over the past few years, Ethiopia's electric grid has been subject to destruction and theft, subjecting the public treasury to hundreds of millions in losses. Nearly half of the country's population does not have access to electricity. A series of projects by the World Bank has contributed to the slight but essential upgrade to the nation's grid, including a 500 million do...


Radar

PLUMPY HUMPS

A trio of donkeys drag along the main road in front of Menlik School around the Arat Kilo area. While the four-legged domestic animal is a venerated member of the Ethiopian labour force, its skin and meat are increasingly valued in the international markets. Rhong Chang, a donkey slaughterhouse operating in Assela Town, Oromia Regional State reopened its services after a seven-year break two years ago. Public outroar has often accompanied the entrance of donkey abattoirs into Ethiopia since anot...


Radar

IMPROMPTU AISLES

A bustling market emerges under a bridge in the boroughs of the Bole Michael area. Addis Abeba City Administration has launched a series of aesthetic initiatives embalmed in themes of beautification and urbanisation that have removed thousands of shops built with makeshift tents. Above a quarter of Addis Abeba's labour force is engaged in the informal economy, which while often associated with connotations of illegality, remains a sizeable employer in emerging economies across the world. Calibra...


Back
WhatsApp
Telegram
Email