African Development Bank President Dr Akinwumi Adesina, says Africa needs $484bn over the next three years to tackle the socioeconomic impact of the COVID-19 pandemic and boost economic recovery.
Dr Adesina said this on Saturday at the opening of the 35th African Union Summit in Addis Ababa, Ethiopia.
He first highlighted the economic impact of the COVID-19 pandemic on Africa.
Africa witnessed a decline in GDP growth of 2.1 per cent in 2020, its lowest in 20 years.
Africa’s GDP fell by $165bn. Over 30 million jobs were lost and over 26 million people fell into extreme poverty,” he said.
According to him, the continent needs up to $1.3bn to ensure 60 per cent vaccine production by 2040 and $484bn to support economic recovery.
Adesina said, “Africa needs $600m to $1.3bn to meet its goal of attaining 60 per cent vaccine production by 2040. Investing in health is investing in national security.