G5 Sahel: African Development Bank grants $ 285 million for the fight against the Covid-19 pandemic
The program is based on an integrated response to the health crisis articulated around the three interdependent axes of the response plans of the G5 Sahel countries.
The Board of Directors of the African Development Bank approved, on Wednesday July 22 in Abidjan, budget support of US $ 284.8 million for support the efforts of the G5 Sahel countries (Burkina Faso, Mali, Mauritania, Niger, Chad) in the implementation of their response plans to the Covid-19 pandemic and economic recovery.
This financial support, provided under the Rapid Response Facility against Covid-19 endowed with 10 billion US dollars, intended to help regional member countries of the Bank to do faced with the consequences of this pandemic, is broken down by country. Burkina Faso will benefit from funding of $ 54.6 million divided into a grant of $ 27.3 million and a loan of the same amount, from the African Development Fund (ADF), the concessional rate loan window of the institution. Total financial assistance of $ 48.9 million, consisting of grants of $ 37.2 million from the Technical Assistance Fund (TAF) and a loan of $ 11.7 million from ADF, will be allocated to Mali.
Mauritania will benefit from a grant of $ 10.2 million and Niger from a grant of $ 53.7 million and a loan of $ 55.1 million. As for Chad, it receives financial support of $ 61.2 million, entirely in the form of grants. The program is based on an integrated response to the health crisis articulated around the three interdependent axes of the response plans of the G5 Sahel countries. These are the health response and health system strengthening, social impact mitigation and support for economic resilience.
In addition, it will support urgent measures, including: increasing the resources allocated to health and strengthening the capacities of countries in the detection and care of infected people as well as the recruitment of health personnel and their training; improving food security through price subsidies for basic foodstuffs; cash transfers to very low income households; and the implementation of tax breaks for the private sector to facilitate the resumption of their activities.
" This support is particularly important for the G5 Sahel countries already severely affected by a triple climatic, humanitarian and security shock. It will provide these countries, whose financial capacities are severely tested by the sharp increase in security and humanitarian spending relating to the fight against terrorism and the reception of refugees, the necessary budgetary space to face the challenge additional economic, social and health consequences of the Covid-19 pandemic and preserving the gains in poverty reduction" said Marie-Laure Akin Olugbade, Managing Director of the Bank for West Africa.
Ultimately, the program should enable countries to develop better capacity to respond to public health shocks, increase the rate of vulnerable households receiving food assistance to at least 50% and benefit at least 130,000 tax measures and other financial support companies.
Households and businesses headed by women will be particularly targeted by the various measures of the program. "If immediate measures are implemented to better control the socioeconomic consequences of the health crisis, the prospects for reviving growth and improving the budgetary framework in the zone remain good. Through this financing, the Bank intends to help the G5 Sahel countries prepare and support their post-Covid-19 recovery" said Abdoulaye Coulibaly, Director of the Governance Department.
This budget support complements and strengthens the other emergency financing provided by the Bank to countries in the region in response to Covid-19, in particular the Multinational Support Project in favor of G5 Sahel member countries for the fight against the pandemic in coronavirus, approved June 9, 2020.
On July 22, the G5 Sahel countries had 11,598 confirmed cases of Covid-19, 8,586 recoveries and 475 deaths.
Cassien Tribunal Aungane, Editor
The Board of Directors of the African Development Bank approved, on Wednesday July 22 in Abidjan, budget support of US $ 284.8 million for support the efforts of the G5 Sahel countries (Burkina Faso, Mali, Mauritania, Niger, Chad) in the implementation of their response plans to the Covid-19 pandemic and economic recovery.
This financial support, provided under the Rapid Response Facility against Covid-19 endowed with 10 billion US dollars, intended to help regional member countries of the Bank to do faced with the consequences of this pandemic, is broken down by country. Burkina Faso will benefit from funding of $ 54.6 million divided into a grant of $ 27.3 million and a loan of the same amount, from the African Development Fund (ADF), the concessional rate loan window of the institution. Total financial assistance of $ 48.9 million, consisting of grants of $ 37.2 million from the Technical Assistance Fund (TAF) and a loan of $ 11.7 million from ADF, will be allocated to Mali.
Mauritania will benefit from a grant of $ 10.2 million and Niger from a grant of $ 53.7 million and a loan of $ 55.1 million. As for Chad, it receives financial support of $ 61.2 million, entirely in the form of grants. The program is based on an integrated response to the health crisis articulated around the three interdependent axes of the response plans of the G5 Sahel countries. These are the health response and health system strengthening, social impact mitigation and support for economic resilience.
In addition, it will support urgent measures, including: increasing the resources allocated to health and strengthening the capacities of countries in the detection and care of infected people as well as the recruitment of health personnel and their training; improving food security through price subsidies for basic foodstuffs; cash transfers to very low income households; and the implementation of tax breaks for the private sector to facilitate the resumption of their activities.
" This support is particularly important for the G5 Sahel countries already severely affected by a triple climatic, humanitarian and security shock. It will provide these countries, whose financial capacities are severely tested by the sharp increase in security and humanitarian spending relating to the fight against terrorism and the reception of refugees, the necessary budgetary space to face the challenge additional economic, social and health consequences of the Covid-19 pandemic and preserving the gains in poverty reduction" said Marie-Laure Akin Olugbade, Managing Director of the Bank for West Africa.
Ultimately, the program should enable countries to develop better capacity to respond to public health shocks, increase the rate of vulnerable households receiving food assistance to at least 50% and benefit at least 130,000 tax measures and other financial support companies.
Households and businesses headed by women will be particularly targeted by the various measures of the program. "If immediate measures are implemented to better control the socioeconomic consequences of the health crisis, the prospects for reviving growth and improving the budgetary framework in the zone remain good. Through this financing, the Bank intends to help the G5 Sahel countries prepare and support their post-Covid-19 recovery" said Abdoulaye Coulibaly, Director of the Governance Department.
This budget support complements and strengthens the other emergency financing provided by the Bank to countries in the region in response to Covid-19, in particular the Multinational Support Project in favor of G5 Sahel member countries for the fight against the pandemic in coronavirus, approved June 9, 2020.
On July 22, the G5 Sahel countries had 11,598 confirmed cases of Covid-19, 8,586 recoveries and 475 deaths.
Cassien Tribunal Aungane, Editor
Comments
Post a Comment