AfDB approves $138M as COVID-19 support for Madagascar, 3 others. The African Development Bank (AfDB) has approved $138 million as COVID-19 response support for Malawi, Madagascar, Mozambique and Sao Tome and Principe.
According to the AfDB in a tweet on its official handle, the money will help finance the national actions of the four countries in combating the impact of the pandemic.
“African Development Fund approves $138 million COVID-19 response support for Malawi, Madagascar, Mozambique and São Tomé and Príncipe,” the agency said.
“The package will help finance the national actions of the four countries in mitigating the impact of the pandemic.”
“Under the package, known as the Multi-Country COVID-19 Response Support Program (MCRSP), Malawi will receive a concessional loan of UA17.87 million and a grant of UA15.03 million; Madagascar, a concessional loan of UA30 million; Mozambique, a combined grant of UA30 million; and São Tomé & Príncipe, a grant of UA7.5 million,” the AfDB explained in a blog post on its website.
“The programme is financed through African Development Fund resources, the concessional window targeting low income countries, and was made possible by the robust backing of Bank shareholders to its 15th replenishment, which came into effect this month.”
Dr Josephine Ngure, Bank Acting Director General for Southern Africa was quoted as saying on the AfDB’s website that “We are delighted with the approval of this crucial cash injection to support the COVID response plans in Madagascar.
“Mozambique, Malawi and Sao Tome. During this unprecedented challenge, it is essential that Governments in the region act in a coordinated manner to protect the most vulnerable in society and set the foundation for a speedy post-pandemic recovery.”