Africa Needs $424 Billion to Recover From Pandemic Devastation
- Continent has excessive debt, African Development Bank says
- Lender has $1.5 billion plan to boost food production
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African nations need $424 billion this year to help them cope with the devastation caused by the coronavirus pandemic, according to the head of the continent’s top multilateral lender.
After decades of progress in the continent’s fight against poverty, Covid-19 plunged 30 million Africans into “extreme poverty” in 2020. Meanwhile, Russia’s war on Ukraine has fueled inflation and left millions hungry. Surging prices along with slowing economic growth are also increasing indebtedness in the region.