The board of directors at the African Development Bank (AfDB) has approved a UA 38.15 million ($53.25 million) multi-country grant to The Gambia, Liberia, and Sierra Leone in the form of direct budget support to bolster efforts to fight the Covid-19 pandemic.
Development Diaries understands that the aforementioned financial aid comprises an African development fund (ADF) grant of UA 5million and a TSF grant of UA 5million to The Gambia, an ADF grant of UA 10.15million to Liberia, and an ADF grant of UA 18million to Sierra Leone. UA is the official currency for the AfDB projects.
According to the AfDB, The Gambia, Liberia and Sierra Leone are countries in ‘transition’, with similar challenges regarding macroeconomic stability, fragility, competitiveness, and growth.
It was also learnt that the direct beneficiaries of the programme financed by the grant will include vulnerable female-headed households, orphans, and schoolgoing children.
The business community and targeted small and medium-sized enterprises, in particular, will also benefit from economic resilience support, while the population at large will be cushioned against the effects of the pandemic.
Source: Liberian Observer
Photo source: Prachatai
