Bank President Says Vaccines, Debt Relief Key to Africa's COVID-19 Recovery

Addis Ababa , February 11 /2021 ( ENA) African Development Bank (AfDB) President, Akinwumi Adesina stressed the necessity of access to fair COVID-19 vaccines and debt relief for Africans to recover from the pandemic.

The president has called for fair access to COVID-19 vaccines for Africans and said debt relief would help African economies recover faster and better from the pandemic.

He warned that so long as the coronavirus was unchecked in any part of the world, no one would be safe.

“There is light at the end of the tunnel-it just happens to be a very long tunnel. I am very positive that African economies will bounce back over the next two years, but the speed of recovery will depend on ensuring that Africa gets enough vaccines for its population,” Adesina said.

“The world must not short-change Africa on access to vaccines,” he said, adding that  significant debt relief would be key to accelerating African economies’ recovery from the COVID-19 crisis.

“While developed countries have been spending trillions of dollars for fiscal stimulus,” he noted. “Africa does not have such resources. The payment for vaccines is already adding to the already high debt burden.”

Adesina vowed that the bank, in collaboration with its partners, would continue to lead Africa’s recovery and development after the pandemic, with a focus on youth, women and healthcare.

“Together, we will create new opportunities for African youth and trigger a youth-based wealth system for Africa. Together, we will ensure that we deliver financing for African women,” he said.

“Together, we will support Africa to build world-class, quality healthcare infrastructure, while ensuring also that the continent builds its pharmaceutical and vaccine industrial production,” he further stressed.

The COVID-19 has caused severe socio-economic impacts on many African countries resulting in serious trouble as debt burden grows. African countries need almost 410 billion Euros to pay off all foreign debts due by 2023, according to International Monetary Fund (IMF) estimates.