The African Development Bank (AfDB) has sold a three-year $3 billion bond as part of its efforts to offer financial supports to countries and businesses fighting against the global COVID-19 pandemic.
The bond, dubbed Fight COVID-19 Social Bond, has been well received and it got orders in excess of $4.6 billion. It has a coupon rate of 0.75%.
Apart from AfDB, other organizations that have issued a fresh bond in the wake of the COVID-19 outbreak include the International Finance Corporation (IFC) and the Inter-American Development Bank (IADB). IFC sold a $1 billion dollar-denominated social bond while the Inter-American Development Bank (IADB) launched a five-year dollar-denominated bond.
A report from the United Nations shows that the virus has cost African economies a total of $29 billion as of March 2020, an amount almost equal to Uganda’s GDP at the end of 2019.
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