|Approval Date||05 Jun 2020|
|Planned Completion Date||31 Dec 2021|
|Last Disbursement Planned Date||31 Dec 2021|
|Sovereign / Non-Sovereign||Sovereign|
|DAC Sector Code||15124|
The loan to the Federal Republic of Nigeria (FRN) in the amount of USD 288,500,000 (Two hundred eighty-eight million five hundred thousand United States Dollars) from the African Development Bank resources under the COVID-19 Rapid Response Facility (CRF) is to finance the COVID-19 Response Support Program (C19 RSP),designed as a Crisis Response Budget Support (CRBS) Operation. The program results from a request of the Federal Government of Nigeria (FGN) dated March 25, 2020.
The purpose of the program is to support Nigeria’s efforts at fighting the COVID-19 pandemic and mitigating its socioeconomic impact onits citizens and businesses. Its operational policy objective is to support the implementation of the Government’s “Integrated Policy Framework” which has a two-pronged approach –addressing the immediate health crisis and mitigating the socioeconomic impact of the outbreak. It has the following expected outcomes: (i) improved health pandemic surveillance and response to COVID-19 emergencies; (ii) enabling micro, small and medium enterprises (MSMEs)to weather the COVID-19 crisis; and (iii) protecting vulnerable households’ livelihoods from the adverse impactof the pandemic. The proposed operation is strongly coordinated with those of the World Bank (WB) and International Monetary Fund (IMF).
The direct beneficiaries from the program are state governments, private sector (especially the MSME, including those that are women led and women employed) and financial sector and the people of Nigeria who will benefit from improved healthcare services delivery particularly as regard containment, prevention and treatment of the COVID-19, as well as the poor and vulnerable who will benefit from the enhanced fiscal space for provision of social safety nets, cash transfers and improved basic service delivery.
African Development Bank
FEDERAL MINISTRY OF FINANCE
|Last Update||06 Jul 2020|