The African Risk Capacity Insurance Company presented a cheque for $2,126,803 to the Republic of Madagascar to cover anticipated livelihood losses for 600,000 vulnerable Malagasy people due to drought-related crop failures in the recent farming season. The funds will help farmers in the country’s hard-hit “Great South” region avoid resorting to consuming their seeds, selling farm tools or migrating in search of work and food. 

The African Development Bank Group has concluded the investment of R2 billion (around $116 million) in Sustainable Development Goals-linked bonds (SDG bonds) issued by Nedbank South Africa.

This investment, which is listed on the green bonds segment of the Johannesburg Stock Exchange, will strengthen Nedbank’s capital base and enable it to generate R12 billion ($696 million) in new loans and investments in environmentally friendly and climate-sensitive projects in areas such as renewable energy and affordable housing.

The African Development Bank Group has joined the World Trade Organisation and other multilateral development banks to reduce trade finance gaps that emerge as a result of the COVID-19 pandemic.

In a joint press release issued 1 July 2020, the institutions  said they would prioritize their support to areas in the world where such support is needed most, particularly the poorest countries.