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AfDB Approves $27.33m For AU COVID-19 Response Initiative1 minute read

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AfDB Approves $27m Grant to AU

The response of African nations against the scourge of COVID-19 has a new boost. This comes with the planned AfDB grant of $27.33 million from the African Development Bank to fund the continent response against COVID-19.

The bank’s agreement to fund the covid response initiative follows the initial adoption and approval at a meeting of the extended Bureau of the Conference of Heads of State and Government with Africa’s private sector on April 22. 

He further adds that the bank was most importantly sending a strong signal that collectively, the continent can address the pandemic, which is straining health systems and causing unprecedented socio-economic impacts on the continent.”

Speaking after the Board approval of this operation, President Adesina disclosed that “the African Development Bank will strongly support Africa to get through the COVID-19 pandemic and build back, strongly and smartly.

The Bank’s financial support to the Africa Centers for Disease Control, reaffirms our strong commitment to regional efforts to tackle the pandemic being coordinated by the African Union. Africa needs a well-financed Africa Centers for Disease Control, today and for the future.”

Read also Akinwunmi Adesina Sworn In for Second Term as AfDB President

The Bank’s grant financing will support the Africa Centers for Disease Control and Prevention (Africa CDC) in providing technical assistance and building capacity for 37 African Development Fund (ADF) eligible countries, particularly the Transition States, to combat the COVID-19 pandemic and mitigate its impact. The ADF is the Bank’s concessional window.

According to the statement, the bank’s grant financing will support the Africa Centers for Disease Control and Prevention – Africa CDC – in providing technical assistance and building capacity for 37 African Development Fund (ADF) eligible countries.

The AU COVID-19 response fund was established by Commission chairperson, Moussa Faki Mahamat, in March 2020 .

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Nigeria’s Aliko Dangote Delays London Listing

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The Dangote Cement Company has delayed  it’s listing on the London Stock Exchange, again. The company announced that it will rather focus on selling it’s product to Central and other West African nations. And boost it’s foreign reserve and that of Nigeria in the process.

The firms head of investor relations, Temilade Aduroja disclosed their new path in Lagos this week. And, also projects that the continent’s biggest producer of the building material, could follow this path till 2023 at the least.

Nigeria’s Aliko Dangote is Africa’s richest man.The 63-year-old entrepreneur has a net worth of more than $14 billion, has long expressed his ambition for Dangote Cement to have a secondary London listing to diversify its ownership and have access to funds from international markets.

Yet, for one reason or another he’s never managed to make it happen.

Dangote had made an initial attempt in 2018 with a proposed list by 2019 but that was changed by former Chief Financial Officer, Brian Egan to 2020.

Nigeria’s biggest listed company by market value, Dangote Cement took advantage of a drop in yields in the domestic debt markets to raise 100 billion naira ($259 million) through commercial papers in May and April, the largest offering of its kind at the time.

The group adds that in July it’s looking to export clinker to 15 countries in Central and West Africa in a bid to boost revenue and resolve a scarcity of foreign exchange scarcity in Nigeria.

Clinker is a nodular material used as the binder in cement products.

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Air Tanzania Resumes Scheduled Flights To Harare

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Air Tanzania resumed scheduled flights to Harare on Wednesday after a seven-month suspension due to the COVID-19 pandemic.

The airline joins a host of other regional and international airlines that have resumed flights into Zimbabwe after the country reopened its skies at in October.

Some of the airlines that have resumed flights into the southern African country include Emirates, Ethiopian Airlines, Kenyan Airways, South African Airlink and Fastjet.

“The flights resume today on Oct. 27 2020 and will be served initially twice weekly on Tuesday and Friday.

“Air Tanzania will operate the route via Lusaka, Zambia using a Dash8-Q400 aircraft,’’ the airline said in a statement Tuesday.

An official at the airline said as with the new normal, the flights would be operated under new COVID-19 health regulations.

“We are thrilled to be resuming the Lusaka-Harare flights. This South bound route connects both Lusaka and Harare business people, tourists and academics to the port city of Dar-es-Salaam and beyond,” the official said.

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BREAKING: Okonjo-Iweala Emerges WTO Director-General

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Former Minister of Finance, Ngozi Okonjo-Iweala, has been named the new Director-General of the World Trade Organization, WTO.

She defeated the trade minister from South Korea by polling 104 votes from 164 member countries.

This makes her the first African to occupy the position of DG WTO.

Details Later…

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