AfDB Approves $10b for COVID-19 Fight

August 29 , 2020


AfDB Approves $10b for COVID-19 Fight

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.


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