AfDB Earmarks $10bn liquidity support For African Countries – Adesina
***Launches $3bn COVID-19 Social Bond On Global Capital
The African Development Bank (AfDB) has earmarked $10 billion crisis response facility to provide immediate liquidity for countries to meet urgent financing needs.
The President of the AfDB, Dr. Akinwumi Adesina, stated this on Saturday at the 2020 Chartered Institute of Bankers of Nigeria (CIBN) Fellowship Investiture.
Adesina was inducted honorary fellow of the CIBN an event attended by the Osun State Governor, Gboyega Oyetola.
He explained that the crisis response facility had become necessary due to the devastation brought by the COVID-19 pandemic on economies around the world.
“Leadership from each one of us is needed in these challenging times of the coronavirus pandemic. So many lives have been lost. Economies have been devastated. Africa’s economic growth this year will decline by 3.4%.
“Globally, economies have gone into recession, as global trade, financial flows, investments, tourism and global supply chains have been disrupted. Millions of jobs have been lost. Consumer demand and business investments have declined. With huge fiscal stimulus packages, interest rates are at all-time lows,” he said.
He commended the CIBN for the honorary award bestowed on him, saying that the awards are deposits of trust.
“It’s such a great honor to be here today, virtually, along with all my co-awardees, to be decorated with the emblems of admission and recognition as Honorary Fellows of the Chartered Institute of Bankers of Nigeria.
“Honorary awards are deposits of trust. They come with great responsibility. Responsibility to be exemplary, to work selflessly, and to be role models in the profession and for the society.
“Today, as we are being honored, consider us as “security-backed assets”. Our integrity is our honor, and our honor is our security. We wish to express to the Council of the Chartered Institute of Bankers of Nigeria our commitment to carry these awards with dignity, integrity and honor,” Adesina stated.
He expressed his delight that the bank maintained its triple-A ratings, with stable outlook, despite the challenging times in 2020.
“The AfDB has maintained its stellar triple-A ratings for five years in a row since I was first elected President in 2015. The African Development Bank also achieved an increase in its capital from $93 billion to $208 billion, the largest ever capital increase in the history of the Bank since its establishment in 1964.
“The African Development Bank therefore stands ready to strongly support African countries, financial institutions and the private sector to accelerate Africa’s economic growth.
“Times like this need audacious leadership. Leadership that is able to navigate complexities and restore hope and confidence, to grow back, safer, healthier and with greater resilience. That is the kind of leadership I see among the Honorary Fellows and Awardees and the Chartered Institute of Bankers of Nigeria.
“Now, let us arise and collectively support Nigeria to recover and build back, stronger, better, with greater economic resilience. Let’s join hands and deliver greater prosperity and hope for Nigeria. For Nigeria to be at its best, it deserves the best from all of us. As Honorary Fellows, we promise to continue to be beacons of hope, carrying with dignity the green and gold emblems of the Chartered Institute of Bankers of Nigeria,” the AfDB president said.
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