The African Development Bank (AfDB) has set up a new $10 billion facility to help ameliorate the negative impacts of the coronavirus outbreak on the continent.

In a statement, AfDB President Akinwumi Adesina said that the fund would include $5.5 billion for sovereign operations in the countries where the bank operates, and $3.1 billion for sovereign and regional operations in countries that benefit from the African Development Fund, the AfDB’s arm for fragile countries.

An additional $1.35 billion will be for private sector operations.

"Africa is facing enormous fiscal challenges to respond to the coronavirus pandemic effectively,” said Adesina in a press release.

“We must protect lives. This facility will help African countries to fast-track their efforts to contain the rapid spread of COVID-19.”

AfDB’s Egypt Resident Representative Malinne Blomberg had announced on Tuesday that the bank issued an exceptional three-year bond in order to alleviate the social and economic impacts on African countries economies from the pandemic.

Blomberg’s announcement came during a videoconference meeting with Egypt’s Minister of International Cooperation Rania Al-Mashat.

The bond aims at introducing flexible solutions to cope with impacts on the private sector in African countries.

Also, AfDB last week approved $2 million in emergency assistance to the World Health Organization (WHO), to enhance its capabilities in helping African countries to combat the pandemic.