In what is considered the largest social bond ever launched in international capital markets to date, African Development Bank has initiated a whopping $3 billion to help support African countries during this fight against coronavirus.
The bond which was named “Fight Covid-19” was allocated as follows: Central Banks and official institutions (53%), Bank treasuries (27%) and asset managers (20%). The final bond distribution statistics were as follows: Europe (37%), Americas (36%), Asia (17%) Africa (8%,) and Middle-East (1%).
According to Dr. Akinwumi Adesina, President of the African Development Bank Group, “These are critical times for Africa as it addresses the challenges resulting from the Coronavirus… this $3 billion Covid-19 bond issuance is the first part of our comprehensive response that will soon be announced.”
In response to this high impact-driven gesture, Mr. Tanguy Claquin, Head of Sustainable Banking, Crédit Agricole added that, “as the Covid-19 outbreak is dangerously threatening Africa, the African Development Bank lives up to its huge responsibilities and deploys funds to assist and prepare the African population, through the financing of access to health and to all other essential goods, services and infrastructure,”
We hope all institutions with the capacity to help, come together and pool efforts together to help the continent in these trying moments and equally boost the recovery capacities of the Economies of the various countries affected by the outbreak.