The Sunday Mail
THE African Development Bank (AfDB) has put its feet forward in driving and re-boosting investments into the African economy amid concerns of rising poverty fuelled by coronavirus.
The bank, in its annual meeting held in Accra, Ghana, harped on the economic importance of quick restoration of the African economy, expressing deeper concern that the 30 million Africans had been pushed into extreme poverty as a result of the pandemic. It emphasised that Africa needed strong actions to support its recovery.
President of African Development Bank Group Dr Akinwumi Adesina, at the meeting which had several African Heads of States and Governments, said an estimated 39 million people could fall into poverty by the end of 2021, as 30 million people had already sunk into extreme poverty on the continent owing to coronavirus pandemic effects.
He also stated that there was an opportunity to tackle Africa’s debt challenges more decisively with the recent decision by the International Monetary Fund to issue US$650 billion special drawing rights. — Reuters.
