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AFDB assist member countries to fight pandemic with 5.5 billion dollar fund

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The African Development Bank, AFDB is assisting member countries to fight COVID 19 through its Regional Response Facility with 5.5 billion dollars. It is committing an additional 3.1 billion dollars to its Regional Operations under the African Development Fund.

The Chief Climate Officer of the Bank, Timothy Afful-Koomson disclosed this to Joyce Gyekye when asked about the bank’s commitment towards assisting member countries in fighting climate change amidst COVID 19 pandemic. He said with the urgency needed to address the pandemic, it is not surprising that countries are re-allocating more resources towards that.

He noted that some member countries will not even have the funds to divert to fight the pandemic. It is in this direction that the bank has created the COVID 19 Response Facility to assist regional members to fight the virus.

Timothy Afful-Koomson said the private sector will also benefit from 1.35 billion dollar fund.

In addition to that a 3 billion dollar bond has been launched by the bank to mobilize resources from the Capital Market.

The World Health Organization, WHO is also being supported with 2 million dollars to boost its efforts at dealing with coronavirus.

On the effects of the pandemic on climate change, Timothy Afful-Koomson said it has both positive and negative effects. He stated that the lockdown by most countries created space for nature to rejuvenate a bit. This resulted in less pollution, less deforestation, less disruption of ecosystems and habitats.

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