African Development Bank, Pandemic Fund sign agreement to leverage resources for pandemic preparedness
The financial procedures agreement, signed in January with the World Bank Group (the International Bank for Reconstruction and Development acted as a trustee for the Pandemic Fund), qualifies the African Development Bank to participate in a share of $500 million in Fund Secretariat financing for proposals for pandemic-related programs, projects and policies, with a focus on low and middle-income countries.
The Pandemic Fund is a partnership among donor countries, co-investors, foundations and civil society organizations hosted by the World Bank. The World Health Organization acts as the technical lead. The Fund assists countries and regions to strengthen their health systems and increase their investments, enabling them to boost pandemic prevention, preparedness and response capacities.
'There is growing demand from African countries for support to overcome gaps in national health infrastructure exposed by the Covid-19 pandemic and other health crises. As a Pandemic Fund implementing entity, the African Development Bank is capitalizing on our experience combining infrastructure financing with complementary support to improve the quality of life for the people of Africa,' said Dr. Beth Dunford, Bank Vice President for Agriculture, Human and Social Development.
The Fund's call for proposals will be in phases: the first phase will be open to single and multi-country proposals in March 2025; the second phase launches in June 2025 for regional proposals.
To date, the Pandemic Fund has financed two calls for proposals and approved 47 projects impacting 75 countries in six regions across the globe. On average, 43 percent of its resources have been allocated for countries in sub-Saharan Africa, the region with the highest demand for Pandemic Fund grants. Under the second call for proposals, more than half of the funds awarded went to sub-Saharan Africa.
As an implementing entity, the African Development Bank will also play an oversight role, providing implementation support to beneficiary implementing organisations, as well as providing financial and progress reports to the Fund's Governing Board.
The Bank's collaboration with the Pandemic Fund aligns with its Strategy for Quality Health Infrastructure in Africa that seeks to enhance healthcare infrastructure and improve health outcomes in Africa.
In June 2023, the Bank approved approximately $124 million in financing for healthcare access expansion in Morocco. The country's 'Program to Support Inclusive Access to Healthcare Infrastructure' inboosts the country's specialized healthcare services in women and children's centers, supports building and equipping hospitals, and equips remote sites with telemedicine and teleconsultation facilities.
Dunford says continued collaborating with the Pandemic Fund can help more Africans experience the benefits of strengthened healthcare systems.
'As Africa's premier financial institution, we are ready to provide relevant support to beneficiary implementing organisations, the Bank's regional member countries, and regional economic communities in the Pandemic Fund's third call for proposals. The Bank will leverage resources from the Fund, alongside our funding instruments, for bigger and better results,' she added.
The Pandemic Fund was established in September 2022 with the Bank participating as an observer and formally announced two months later at the Group of 20 (G20) meetings in Bali, Indonesia.
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Media Contact:
Alphonso Van Marsh
Chief Digital Content and Events Officer
Email: media@afdb.org
About the African Development Bank Group:
The African Development Bank Group is Africa's premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Middle East Eye
36 minutes ago
- Middle East Eye
Boston Consulting Group modelled plan to 'relocate Palestinians' from Gaza to Somalia
The Boston Consulting Group (BCG) modelled plans to relocate Palestinians from Gaza to Somalia and Somaliland, on behalf of Israeli businessmen looking to redevelop the enclave. People familiar with the work told the Financial Times that the two African states were included among a range of countries that the Palestinians could be deported to. The list also included Egypt, United Arab Emirates and Jordan. The modelling grew out of BCG's work helping to set up the US-backed Gaza Humanitarian Foundation (GHF), which has been widely criticised for the enormous number of people killed at its aid delivery sites. The post-war modelling, when reported, provoked an outcry and the consulting firm publicly disavowed the work, stating that the partner in charge had been told not to do it. New MEE newsletter: Jerusalem Dispatch Sign up to get the latest insights and analysis on Israel-Palestine, alongside Turkey Unpacked and other MEE newsletters Relocation plans were based on media reports suggesting Israeli and US officials had held discussions with East African leaders about taking in Palestinian deportees, in return for perks such as their recognition of the breakaway Somaliland as an independent state. The threat of relocation, which US President Donald Trump has said will allow the redevelopment of the Gaza Strip, has been branded ethnic cleansing by rights groups, international bodies and foreign officials. 'By accepting the Gazans who relocate temporarily and voluntarily, a country will get an injection of population that will have an economic benefit that clearly could be significant,' one person familiar with the work told the FT. 'But the countries in the model were not picked based on a knowledge of specific discussions. The idea was to understand the economic issues related to options that President Trump had put on the table.' Why are people protesting against the Boston Consulting Group? Read More » A slide deck associated with the plan reportedly envisaged that 25 percent of Palestinians in Gaza would decide to relocate outside the enclave, with a majority not returning. BCG projected $4.7bn in economic benefits for countries that took in Palestinians during the first four years. It was reported that BCG - which counts Israeli Prime Minister Benjamin Netanyahu among its alumni - became involved with GHF when the US security contractor Orbis engaged the firm to help with a feasibility study for a new aid operation. BCG was reportedly chosen because of its relationship with Phil Reilly, an ex-CIA officer who works at Orbis. As Middle East Eye first reported, Reilly was a senior adviser to BCG for eight years, until six months ago, when he started Safe Reach Solutions, a for-profit security and logistics company guarding GHF's aid hubs in Gaza. The FT has also reported that staff members from the Tony Blair Institute participated in a post-war Gaza project which included plans for a "Trump Riviera" and used financial models developed by BCG.
Zawya
3 hours ago
- Zawya
Egypt: USD still below EGP 49 mark at Egyptian banks
Arab Finance: The exchange rate between the USD and EGP recorded EGP 48.42 for buying and EGP 48.52 for selling at the Commercial International Bank Egypt (CIB) on Wednesday. It hit EGP 48.4 for purchasing and EGP 48.5 for selling at Banque Misr and the National Bank of Egypt (NBE). The US dollar traded at EGP 48.40 for buying and EGP 48.50 for selling at the United Bank and Al Baraka Bank Egypt. © 2025 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (
Arabian Post
21 hours ago
- Arabian Post
FBS Halts Trading Activities in India Amid Regulatory Pressure
FBS, a prominent global trading company, has suspended its operations in India, citing increasing regulatory challenges. The decision to cease trading activities follows growing concerns from Indian authorities regarding the company's compliance with local financial regulations and its failure to meet the standards set by the Securities and Exchange Board of India. The move has raised questions about the country's rapidly evolving regulatory landscape for foreign financial entities and the extent to which international companies must adapt to local laws. FBS, which offers a range of online trading services including forex and CFDs, had been operating in India for several years, establishing a significant presence in the retail trading sector. ADVERTISEMENT A source close to the company confirmed that FBS made the decision after a series of communications from Indian regulators regarding compliance lapses. While the exact nature of the issues has not been disclosed, industry insiders suggest that FBS faced pressure for failing to align its operations with India's strict KYC and AML requirements. The suspension has caught the attention of both market participants and financial analysts, as it highlights the increasing scrutiny faced by foreign trading platforms in India. Over the past few months, several international trading companies have faced similar challenges, as the government intensifies its efforts to regulate the digital financial services sector. The Indian government has been tightening its grip on online trading platforms, especially those involved in forex and cryptocurrency-related activities. These platforms, often based outside India, have been under increased scrutiny to ensure they operate within the confines of Indian law. SEBI has been particularly active in its oversight of financial markets, issuing new guidelines and regulations aimed at protecting local investors from fraud and other risks associated with unregulated financial activities. Experts suggest that the suspension of FBS could be part of a broader regulatory trend aimed at curbing the growth of unregistered trading platforms that bypass local laws. With the Indian economy rapidly digitising and retail investment reaching new heights, regulatory authorities are focused on ensuring that foreign players comply with stringent norms to protect investors from potential risks. This regulatory shift comes at a time when the popularity of online trading platforms has surged in India, particularly during the COVID-19 pandemic. A growing number of young and tech-savvy investors have flocked to online trading, attracted by the ease of access and the potential for high returns. However, this surge in participation has also led to concerns about the rise of unregulated brokers and the associated risks. FBS's suspension could signal a turning point for other foreign platforms operating in India. Many companies are now reassessing their strategies to ensure compliance with the country's regulatory framework. The increasing pressure on firms like FBS has prompted some to exit the market altogether, while others are adjusting their operations to meet Indian standards. Financial experts have warned that India's regulatory stance may have broader implications for the global trading landscape. While the country remains one of the largest and most lucrative markets for online trading, foreign firms will need to navigate an increasingly complex regulatory environment to continue their operations. FBS, for its part, has assured its customers in India that it will honour existing contracts and make efforts to provide smooth transitions for those seeking alternatives. The company has also stated that it is in discussions with Indian authorities to address the issues and explore ways to re-enter the market in the future, but for now, its operations are suspended.
