The African Development Bank, AfDB has approved EUR 88 million loan, amounting to over FCFA 57 billion to Cameroon as a direct budget support to help boost the country’s response to the deadly Coronavirus pandemic which has so far claimed over three hundred lives.
The loan was approved by the Board of Directors of the financial institution Monday June 22 during a board meeting.
Granted to the country’s COVID-19 Crisis Response Budget Support Programme, PABRC, the loan falls under the framework of the Bank’s COVID-19 Rapid Response Facility, CRF of up to $10 billion, the institution’s main channel to cushion African countries from the economic and health impacts of the crisis.
The PABRC’s goal is to check the spread of the deadly Coronavirus pandemic, save lives and mitigate its adverse socio-economic effects in the country, particularly on households and businesses.
According to officials of the bank, the loan will support the implementation of a health response plan to improve testing and ensure early detection and rapid management of the virus, thus reducing case fatality and improving the recovery rate in the country.
It will equally support the most vulnerable in society by paying family allowances to staff of companies unable to pay social security contributions as well as distributing health kits.
The first case of the Coronavirus pandemic was detected in Cameroon on March 6.
Despite measures taken by the Government to curb its spread, including border closure, mandatroty wearing of facemasks in public places, the virus spread to all ten regions.
As at Wednesday June 24, the number of confirmed cases stands at over twelve thousand, among which three hundred and thirteen have been confirmed dead and close to eight hundred recovered.