Business

AfDB holds virtual meetings 25 to 27 August; election of president key on agenda

The African Development Bank (AfDB) Group will hold its 2020 Annual Meetings virtually, from 25 to 27 August 2020.

These will comprise statutory meetings of the Board of Governors.

According to the bank, a major item on the agenda of this year’s annual meetings will be the election of a president.

Meanwhile, the Board of Directors of the African Development Fund (ADF), last month, approved a $69 million grant to support Ghana’s efforts to tackle the COVID-19 pandemic and mitigate its socio-economic impact on the nation.

The grant from the ADF, the concessional arm of the African Development Bank, will provide fiscal budget support to finance the government’s national COVID-19 Emergency Preparedness and Response Plan, and Coronavirus Alleviation Program.

Specifically, the funds will help to upgrade the capacity of healthcare facilities to isolate, diagnose and care for patients, and provide more test kits, pharmaceuticals, equipment and beds. It will also ensure adequate personal protective equipment (PPE) for health workers and support financial incentives and an insurance package for health and allied professionals.

Ghana ranks fourth in COVID-19 infections in Africa after South Africa, Egypt and Nigeria.

As of 9 August 2020, the West African nation had recorded 41,003 cases of the disease, with 38, 330 recoveries and 215 deaths.

“Overall, the objective is to help contain the spread of the virus, expand testing and ease the impact of the virus on social and economic life, through measures aimed at protecting jobs, sustaining livelihoods and supporting small businesses,” said Marie-Laure Akin-Olugbade, the Bank’s Director-General for West Africa.

The ADF grant is a Crisis Response Budget Support operation disbursable in a single-tranche under the bank’s $10 billion COVID-19 Response Facility. 

Under Ghana’s COVID-19 response programme, all affected persons will receive free treatment and free water supply.

Micro, Small and Medium Enterprises (MSMEs) will benefit from a soft loan scheme with a one-year moratorium and two-year repayment period.

The private sector will also benefit from a tax freeze and refund, direct subsidies and a guarantee fund, enabling businesses to access bank credit.

The programme also aims to increase the percentage of the population tested from one per cent to three per cent by the end of December 2020, boost the number of points of entry reporting suspected cases of COVID-19 from 1 to 14 by the end of September 2020, and increase designated treatment centres with adequate intensive care facilities to 100% by end December 2020.

Source: classfmonline.com

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *