Economy

African Countries Need $485 Billion to Mitigate Economic Crisis

BY JOHNMARK UKOKO

President of the African Development Bank (AfDB), Dr Akinwunmi Adeshina, has declared that to overcome its economic crisis, African countries will require a whopping $485 billion.

Adesina disclosed this in an event monitored through zoom recently, saying that the bank’s findings have shown that the African continent would need about $ 485 billion to overcome its economic woes in the next three years to emerge from it’ economic crisis.

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He stressed that the AfDB is a prescribed holder of special drawing rights to poor countries, noted that the bank would assist to strengthen the balance sheet of African public development banks to help in mitigating the risks associated with medium to long-term finance and also help to close financing gaps.

The AfDB helmsman equally pointed out that the outbreak of the COVID-19 pandemic impacted negatively on the economies of African countries, adding that his bank will do everything possible to assist the continent’s economy.

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