African Development Bank
Beset by debt and billions of dollars in unfunded priorities, African leaders have approved a fund to provide concessional lending to cash-strapped governments.
The facility, known as The African Financial Stability Mechanism (AFSM) will be managed by the African Development Bank (AfDB), Reuters reported Tuesday.
It will have its own credit rating and will be able to borrow from international money markets, the bank said in a ststement.
The call to create the facility was made in 2022 as the Covid-19 pandemic and the war in Ukraine drove sovereign defaults and debt crises in developing countries.
The bank said membership of the fund will be voluntary and open to any member state of the African Union.
Go to video
What is Sidi Ould Tah’s Vision for the AfDB?
Go to video
Nigeria completes $3.4 Billion IMF COVID-19 loan repayment, faces ongoing annual charges
11:18
Africa accelerates towards energy and economic sovereignty with DRC mining growth {Business Africa}
11:14
Power Play or Partnership? America’s Strategy in Africa [Business Africa]
Go to video
South Africa slashes planned VAT hike after pushback from Democratic Alliance
Go to video
Equatorial Guinea secures investment-grade rating — But for how long {Business Africa}