African Development Bank loans South Africa $288 million (R5 billion)

African Development Bank loans South Africa $288 million (R5 billion)

The African Development Bank on Wednesday approved a $288 million (R5 billion) loan to South Africa to assist fight coronavirus and ease the economic fallout caused by the pandemic.

With over 380,000 cases and a minimum of 5,368 fatalities recorded so far , South Africa is seen to be strongly suffering from the virus because it leads the highest chat in Africa. within the world, it's among the highest five countries with confirmed cases.

“The board of directors of the African Development Bank (AfDB) has approved a loan of roughly R5 billion ($288 million) to the govt of South Africa , because the country battles one among the most important COVID-19 caseloads within the world,” the AfDB said this during a statement on Wednesday.

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“South Africa’s ability to reply to the pandemic has implications for neighbouring countries also because the continent as an entire , given its position as Africa’s second-largest economy after Nigeria,” the AfDB said.

The loan was prepared after the govt of South Africa requested for it.

It is also AfDB’s first budget support to the country.