President of the African Development Bank Group, Akinwumi Adesina has said collaboration among development partners has become more vital than ever to help economies recover from the pandemic and attract private financing to rebuild infrastructure.
Adesina said this in a meeting chaired by Hajjar Bandar, President of the Islamic Development Bank Group
He said “we are really in very extraordinary times. There’s no doubt about it, in terms of the devastation that this pandemic is causing. The challenge is huge and the collective resolve must be strong as MDB.”
He further stated that efforts must be deepened to help member states mobilize more domestic resources and attract private creditors to participate in financing capital projects.
Restating the Bank’s commitment to helping Africa rebuild boldly and smartly, Adesina said “It’s time for us to change the paradigm to get the private sector, with incentives, to do a lot of private-public partnerships.”
The African Development Bank Group introduced a COVID-19 Response Facility (CRF) of up to $10 billion to support Regional Member Countries and private sector clients in their efforts to address the impacts of the COVID-19 pandemic.