As Sub-Saharan African countries have managed to keep the virus under control with relatively low number of cases, the pandemic continues to take a toll on African lives and economies, pushing the region into its first recession in 25 years.
Many countries have seized the opportunity within the crisis to move faster on necessary reforms and investments that will be crucial for long-term development. However, concerns of a second wave are fueling further uncertainty. Recent estimates show that COVID-19 could push up to 40 million people in Sub-Saharan Africa into extreme poverty. The road to the recovery will be long and vary significantly across economies and sub-regions. As part of the global response, the World Bank Group will be deploying up to $160 billion in financial support over 15 months to help more than 100 countries protect poor and vulnerable people, support businesses, and bolster economic recovery. This includes up to $50 billion for African countries.
In Africa, the World Bank’s response is focused around four main areas, simultaneously: saving lives, protecting poor people, protecting and creating jobs, and building back better.
Last Updated: Oct 15, 2020