Low-income countries in Sub-Saharan Africa (SSA) will require $245 billion by 2030, according to the African Development Bank (AfDB) to aid recovery from the effects of the COVID-19 pandemic.
This was disclosed on Wednesday by the President of the AfDB, Akinwumi Adesina, at the 2021 Annual Meetings of the AfDB.
Adesina added that collectively, countries in the region would need $425 billion by 2030 alongside “string actions” to stimulate economic recovery.
He said, “Africa’s cumulative GDP losses are estimated between 145 billion dollars and 190 billion dollars. Africa will need a lot of resources to support its recovery.
“Low-income sub-Saharan African countries alone will need 245 billion dollars by 2030, while all of sub-Saharan Africa will need 425 billion dollars by 2030.
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“Africa needs strong actions to support its recovery.
“The bank launched a three-billion-dollar social impact bond on global capital markets, which was at the time the largest ever the U.S. denominated social bond in world history.
“We announced a 10-billion-dollar Crisis Response Facility. We provided 28 million dollars to the Africa Centres for Disease Control and Prevention.
“It is still challenging, no doubt, but Africa is starting to move forward, again.
“We will leverage our resources. We will not work alone. We will work in partnership with others. Together, I am confident we will get vaccines to all in Africa.”
