Home Business & TechEconomy TBD Dedicates A Financial Package to Mitigation of Covid-19 Impact

TBD Dedicates A Financial Package to Mitigation of Covid-19 Impact

by Daniel Sabiiti
9:37 am

The Trade and Development Bank (TDB) has come on board to rescue African countries with support to procure essential medical supplies, and bail out regional financial institutions facing liquidity challenges.

TDB is a multilateral, treaty-based, investment-grade development financial institution, with assets of more than $ 6billion with several funded projects across 21 African countries, including Rwanda.

The information available on their website indicates that in the past, the Bank released up to $468 million to finance Rwanda’s bankable projects in energy, transport. Rwanda’s National carrier – RwandAir was among beneficiaries of this money.

Recognizing the current coronavirus epidemic and its potential impact to Africa, the bank said it is coming in and re-positioning for a strengthened response to the COVID-19 pandemic.

TDB said in a press statement April 2nd, that it’s joining forces with various international and African partners to redouble efforts in containing and mitigating the profound health and socio-economic impacts in this region.

“We are embarking on special initiatives to help ensure continued access to finance for trade and development financing, with priority for medical supplies and other essential commodities. We are also committing to mitigate the COVID-19 impact by providing targeted support to Member States with a focus on specific emergency medical supplies,” TDB said.

TDB said for corporate clients, particularly those with a focus on strategic sectors such as pharmaceuticals, healthcare and agribusiness, the Bank is ready to provide the funding necessary to sustain and ensure access to supply chains and necessary business inputs.

For sovereign clients, the Bank continues to work with Member States to address their urgent needs, both in the near and long term.

Last week, TDB closed a 7-year €300M syndicated loan to the Government of Uganda which will ensure the continued availability of financing for the country’s priority infrastructure projects.

Founded in 1985, TDB is a multilateral, treaty-based financial institution. Rwanda Social Security Board (RSSB) is a shareholder.

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