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COVID-19: Sub-Saharan Africa will need $425b by 2030 – AfDB

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SUB-SAHARAN Africa would need $425 billion by 2030 to support its recovery from the pandemic.

  President of African Development Bank (AfDB), Dr. Akinwumi Adesina, stated this at the opening of the 2021 virtual Annual General Meetings of the Bank, yesterday.

  Holding from June 23 to June 25, under the theme: ‘Building Resilient Economies in Post COVID-19 Africa’, the 2021 edition will be 56th Annual Meeting of the Board of Governors and 47th Annual Meeting of African Development Fund, the concessional arm of the bank group.

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

  “Africa’s cumulative GDP losses are estimated 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 all of sub-Saharan Africa will need $425 billion by 2030. Africa needs strong actions to support its recovery. The bank launched a three-billion-dollar social impact bond on global capital markets, which was at the time the largest ever the U.S. denominated social bond in world history. We announced a 10-billion-dollar Crisis Response Facility. We provided 28 million dollars to the Africa Centres for Disease Control and Prevention. It is still challenging, no doubt, but Africa is starting to move forward, again,” he said.

  Adesina also reiterated that Africa should not beg for vaccines but should start producing them, adding that AfDB was committed to supporting Africa’s production of vaccines as part of the vaccines plan of the African Union.

  “The plan of the bank to commit $3 billion dollars to the development of the pharmaceutical industry in the continent is irreversible. We will leverage our resources. We will not work alone. We will work in partnership with others. Together, I am confident we will get vaccines to all in Africa,” he said.

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