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Zimbabwe to get another helping hand from the AfDB

by Staff reporter
16 Jun 2020 at 12:15hrs | Views
Zimbabwe's attempts to raise money to fight Covid-19 are looking up as the African Development Bank (AfDB) is planning to give it US$13.7 million (about R235 million) in financial assistance.

The Southern African country is in need of aid estimated at around US$2.2 billion. But it has not been very successful in getting the help it needs as its finance ministry reported earlier this month that Zimbabwe had only amassed less than US$200 million in cash donations.

The World Bank, European Union and the United Kingdom are among those who have previously extended helping hands. The African Development Bank plans to provide up to US$10 billion to African governments and the private sector to help the continent provide better health responses to Covid-19 and mitigate the impact of the economic downturn that the pandemic has brought with it.

AfDB forecasts that Covid-19 will cause Africa's GDP to drop by between $22.1 billion and $88.3 billion this year. It said five geographical regions in the continent had received its Covid-19 emergency packages by 12 June. Other countries that will benefit from these support package include a few in West Africa, North Africa, Kenya in the East, Mauritius and DRC.

Source - fin24

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