By Ivan Ssenabulya
The African Development Bank has been lauded for playing a critical role in supporting millions of people across the continent, affected by the impact of the Covid-19 pandemic in 2020.
According to its latest Annual Development Effectiveness Review released yesterday, the pandemic caused fiscal deficits to double and indebtedness to rise sharply, reducing the capacity of African countries to invest in economic recovery.
The African Development Bank responded swiftly with a Covid-19 Response Facility that provided $3.6 billion in emergency budget support.
Bank Group President Dr Akinwumi Adesina says the funding went into key areas such as health, social protection, and economic assistance, benefitting 12.3 million vulnerable households across 31 countries.
The Annual Development Effectiveness Report notes that small and micro-enterprises supported by the Bank generated revenues of $2 billion, helping them weather the pandemic in 2020.
While many African countries are still grappling with the pandemic, Adesina is optimistic about Africa’s speedy return to growth and prosperity.