The African Development Bank Group (AfDB) has created a Covid-19 Response Facility to assist regional member countries in fighting the pandemic.
This is the latest measure taken by the bank to respond to the pandemic and will provide up to $10 billion to governments and the private sector.
AfDB president, Akinwumi Adesina, said the package took into account the fiscal challenges that many African countries were facing.
"The African Development Bank Group is deploying its full weight of emergency response support to assist Africa at this critical time. We must protect lives. This facility will help African countries to fast-track their efforts to contain the rapid spread of Covid-19," said Adesina.
The facility will provide $5.5 billion for sovereign operations in African Development Bank countries and $3.1 billion for sovereign and regional operations for countries under the African Development Fund. An additional $1.35 billion will be devoted to private sector operations.
Two weeks ago, the Bank launched a record-breaking $3 billion Fight Covid-19 Social Bond, the world's largest US dollar-denominated social bond ever on the international capital market.
"These are extraordinary times and we must take bold and decisive actions to save and protect millions of lives in Africa. We are in a race to save lives. No country will be left behind," Adesina said.
