The African Development Bank (AfDB) has said it has reacted quickly to the needs of its member countries to curb the COVID-19 pandemic ‘s spread.
In an AfDB statement, it reported that the pandemic is expected to cause Africa’s GDP to fall by between $22.1 billion and $88.3 billion.
It stated, “African countries, with the experience of having fought off Ebola, are working to adapt to this new threat and looking to the Bank for an effective, multilateral response to the crisis.”
The Bank’s COVID-19 emergency packages have reached five geographic regions of the continent as of June 12.
West Africa
Before the outbreak of the COVID-19 pandemic, West Africa was home to at least four of the fastest-growing economies on the continent, and it had felt the disease ‘s effect hard as borders remain closed and economic and social deprivation deepens.
It gave Nigeria approximately EUR 288.5 million, Senegal – EUR 88 million, Côte d’Ivoire – EUR 75 million, Cabo Verde – EUR 30 million, ECOWAS – US$ 22 million.
“Gambia, Mali and Niger will benefit from an ECOWAS support package to bolster national health systems in response to the pandemic. Much of the funds to this region will seek to address shortages in personal protective equipment (PPE), ventilators and other emergency equipment.
“The support will also enable governments to provide shortfall cash to the millions of people who have been affected by mass layoffs or are unable to work because of lockdowns.”
North Africa
The North African territory is the hardest affected by the COVID-19 pandemic, with more than 60,000 cases as at June 12.
It stated, “The disease has already triggered a sharp drop in household incomes in North Africa, as export and tourism earnings suffer. The region will be assisted with a series of emergency operations to boost containment measures and help to ensure the supply and distribution of laboratory tests and reagents.”
The region’s package includes Morocco – EUR 264 million, Tunisia – EUR 180 million and Egypt – US$ 500,000.
East Africa
Eastern Africa, the fastest-growing economic region on the continent, was simultaneously struck by coronavirus outbreak and desert locusts infestation – a double whammy for the farmers and economies in the region.
Post-harvest losses and poorly developed agricultural markets could threaten the commitments of economic reforms and investment in a region of climate change and water scarcity.
The top-performing countries are Ethiopia, Kenya and Rwanda, all of which have seen a sharp fall in tourism revenue.
- Kenya – 188 million euros
South Africa
A decisive lockout was successful in curbing COVID-19 ‘s spread in South Africa’s economic powerhouse. However, it is by no way curtailed the propagation of the virus. Steps taken to control the pandemic across the world have impacted millions of people, many of whom work in the informal economy.
The region’s support comes in the form of prevention and security measures as well as financial aid to the needy after the end of the outbreak.
- Mauritius – 188 million euros
• Zimbabwe – $13.7 million
Central Africa
Cameroon reported more than 8,000 cases in Central Africa as at 12 June, and significant community transmission.
The $13.5 million package approved for this region will target the provision of PPEs, test kits, and health and laboratory facilities for Chad, the Democratic Republic of Congo, and the Central African Republic, which is one of the countries with the lowest number of ventilators on the continent.
- CEMAC/RDC – $13.5 million
