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(Pan Africa) (3 minutes read)
• Dr. Akinwumi A. Adesina, President of the African Development Bank called for proactive leadership all across Africa to rough up the challenging times of the coronavirus pandemic
• While addressing the Chartered Institute of Bankers of Nigeria (CIBN) Fellowship Investiture, yesterday, AfDB president said that Africa’s economic growth this year would decline by 3.4% impacted by the pandemic
• The AfDB president added that the Bank also launched a US$3 billion fight COVID19 social bond on global capital markets, the largest US dollar denominated social bond ever in world history
Dr. Akinwumi A. Adesina, President of the African Development Bank called for proactive leadership all across Africa to rough up the challenging times of the coronavirus pandemic.
While addressing the Chartered Institute of Bankers of Nigeria (CIBN) Fellowship Investiture, yesterday, AfDB president said that Africa’s economic growth this year would decline by 3.4% impacted by the pandemic. Globally economies have gone into recession, as global trade, financial flows, investments, tourism and global supply chains have been disrupted. Millions of jobs have been lost. Consumer demand and business investments have declined. With huge fiscal stimulus packages, interest rates are at all-time lows.
To face these situations, the bankers, Adesina highlighted have to come forward to create situations for economies to come out of the difficult trajectory by boosting both demand and supply. The African Development Bank, he said, had launched a US$10 billion crisis response facility to provide immediate liquidity for countries to meet urgent financing needs.
The AfDB president added that the Bank also launched a US$3 billion fight COVID19 social bond on global capital markets, the largest US dollar denominated social bond ever in world history. The bond, he added, listed on the London Stock Exchange, Luxembourg stock exchange and on Nasdaq. He added that despite the very challenging times, the African Development Bank maintained its triple-A ratings, with stable outlook.
The African Development Bank has maintained its stellar triple-A ratings for five years in a row since I was first elected President in 2015. The Bank also achieved an increase in its capital from US$93 billion to US$208 billion, the largest ever capital increase in the history of the Bank since its establishment in 1964.
