Funding is indeed one of Africa's challenges in dealing with the coronavirus health crisis in the
significant economic downturns. States are negotiating and international financial institutions have
began to release funds, as well as the pan-African institutions. But to go faster,
the African Union appoints four special envoys including the ex-boss of Credit Suisse Tidjane Thiam.
The Franco-Ivorian Tidjane Thiam, ex-boss of Credit-Suisse, the Nigerian Ngozi Okondjo Iweala ( Click
here ), ex-director general of the World Bank, the Rwandan Donald Kaberuka ( Click here ), ex-governor
of the African Development Bank and the South African Trevor Manuel, president of Old Mutual and
ex-Minister of Finance. They are the new Special Envoys of the African Union (AU) to mobilize the
international financing that will enable the Continent to meet the economic challenges caused by the
coronavirus pandemic. Their appointment was announced yesterday, Sunday, by President Cyril
Ramaphosa.
Funding is one of Africa's major challenges in coping with the health crisis, the consequences of which
economic are important. Between the slowdown in production, the shutdown of certain sectors or the
issue around employment (rise in unemployment in prospect, etc.), African countries must take up
many challenges. Following a meeting with the finance ministers, the Commission
Agency for Africa (ECA) has projected a need of 100 billion dollars. States quickly
started to negotiate with international donors and several financial institutions
international organizations have started to release the funds.
Step on the accelerator
The mission of the four new special envoys is to step on the accelerator, for "rapid support
and concrete” of the G20, the European Union (EU) and other international financial institutions. Commenting
appointments in his capacity as AU Chairperson, Cyril Ramaphosa, is seen as "supporting
African economies that are facing serious economic challenges with a stimulus package
package for Africa, including deferred debt and interest payments”.
The World Bank and the International Monetary Fund (IMF) are gradually deploying lines of
credit to African countries. Currently, several files are being examined, let it be known
recently Abebe Aemro Selassie, Director of the IMF's African Department. For its part, the AfDB has, in addition
of its contribution to the actions of the IMF and the issuance on the London Stock Exchange of a social bond of 3
billion dollars, created a fund of 10 billion dollars to support countries. That is to say the dynamic
currently around the African countries that the African Union wants to further galvanize by already thinking of
the post-crisis of the Continent. And the four new special envoys have their "powerful" in common
networks in international finance.