Source: African Development Bank Group
In response to a national request, the African Development Bank disbursed a loan of $US 288 million to South Africa to fight the spread of COVID-19. With its large population and economy at risk, South Africa, like many countries, initially struggled to cope with COVID-19 during the onset of the pandemic. The country remained on lockdown beyond many others, with prolonged restrictions on businesses and school closures. Businesses suffered from the lack of tourism and the limited movement of people.
“The program will support a range of measures geared towards enhancing social protection, income and food security,” Evelynne Change, chief governance officer in the Bank’s Southern Africa Country Office explains.
Beneficiaries include those most impacted by the pandemic, including employees temporarily laid off and small business owners being supported through a credit guarantee scheme.
To learn more about the African Development Bank’s COVID-19 response in South Africa, click here.