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COVID-19: Sub-Saharan Africa will need $425bn by 2030 – Adesina

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COVID-19: Sub-Saharan Africa will need 5bn by 2030 – Adesina

By Témitope Ponlé

The African Development Bank (AfDB) has said that sub-Saharan Africa will need $ 425 billion by 2030 to support its recovery from the COVID-19 pandemic.

AfDB President Dr Akinwumi Adesina said this during the opening of the Bank’s 2021 Annual Meetings which were held virtually on Wednesday.

Adesina also said low-income sub-Saharan African countries alone would need $ 245 billion by 2030.

The AfDB President recalled that Africa was home to six of the fastest growing economies in the world but had since fallen at a loss due to the pandemic.

“The cumulative losses of Africa’s GDP are estimated at between $ 145 billion and $ 190 billion. Africa will need a lot of resources to support its recovery.

“Low-income sub-Saharan African countries alone will need $ 245 billion by 2030, while sub-Saharan Africa as a whole will need $ 425 billion by 2030.

“Africa needs strong action to support its recovery,” he said.

However, he underlined the ADB’s support to African countries.

“The bank launched a $ 3 billion social impact bond in global financial markets, which at the time was the largest U.S. social bond ever in world history.

“We announced a $ 10 billion crisis response facility. We have provided $ 28 million to the African Centers for Disease Control and Prevention.

“It is still a challenge, without a doubt, but Africa is starting to move forward again,” he added.

Adesina also reiterated that Africa should not beg for vaccines but should produce them.

He said the AfDB is committed to supporting vaccine production in Africa as part of the African Union vaccine plan.

He reiterated the bank’s plan to commit three billion dollars for the development of the pharmaceutical industry on the continent.

“We will take advantage of our resources. We will not work alone. We will work in partnership with others. Together, I am convinced that we will vaccinate everyone in Africa, ”he said.

The 2021 annual meeting of the AfDB Group is being held from June 23 to 25, with the theme: “Building resilient economies in post-COVID-19 Africa”.

This will be the 56th annual meeting of the Bank’s Board of Governors and the 47th annual meeting of the African Development Fund, the concessional arm of the banking group. (NAA)

(NAN)

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