KIU, Western Campus – The African Development Bank (AfDB), through the Africa Investment Forum held over the weekend, has announced a $3.79 billion stimulus package, aimed at addressing COVID-19 impacts on Africa’s private sector.
A statement on the AfDb website says that the Africa Investment Forum revealed 15 projects identified across five sectors for priority funding consideration under its Unified COVID-19 Response. The sectors include Agriculture & Agro-Processing, Energy, Health, ICT & Telecoms and Industrial & Trade. Collectively, these 15 deals which are from the Forum’s current portfolio, amount to $3.79 billion and will help increase the continent’s self-sufficiency and resilience against future shocks.
“Africa will come out of this pandemic, tough as it is, and will build better and stronger economies. As partners of the Africa Investment Forum, the premier investment platform for Africa, our gaze must be clear; help Africa reboot its economy,” said African Development Bank President Dr Akinwumi Adesina, during the two-day virtual meeting for Africa Investment Forum founding, institutional and knowledge partners.
The lockdowns imposed by countries all over the African continent has hit businesses hard and concern has shifted from curbing the spread of the pandemic to restarting economies which have put the future and livelihoods of many people at stake.
Concerns have been expressed by different leaders that the effects of the lockdown could be more costly than the effects arising from COVID-19 itself.
Last week, the Executive Director of Mulago Hospital, Dr Baterane Byarugaba advised the government to lift the lockdown because the shift in focus from other serious health conditions to COVID-19 was costing many lives.
Picture credit: Africa News