South Africa secured a loan of about R5 billion ($304 million) from the African Development Bank to assist with fighting the coronavirus pandemic.<\/p>\n
The loan approved on Wednesday is the second from a multilateral lender after the country received a $1 billion emergency facility from the New Development Bank last month to help offset the damage caused by the virus and finance the government\u2019s 500 billion-rand stimulus package.<\/p>\n
The facility is the AfDB\u2019s first budget-support program for Africa\u2019s most-industrialized economy and will be used to help businesses in the country\u2019s formal and informal economies, preserve jobs and promote access to essential services and personal protective equipment, the Abidjan-based lender said in an emailed statement.<\/p>\n
The country has the highest number of confirmed infections on the continent, with 394,948 cases and 5,940 deaths, according to data from the Department of Health.<\/p>\n
South Africa is counting on $7 billion from multilateral lenders and development finance institutions to support its response to the pandemic.<\/p>\n
The International Monetary Fund will consider South Africa\u2019s request for a $4.2 billion loan to support its fight against Covid-19 on July 27 and the country is in talks with the World Bank for up to $2 billion.<\/p>\n