Dakar, Senegal — African Development Bank (ADB), yesterday said it was ready to launch a $2.5 billion package, including a $1.5 billion (UA974 million) Emergency Liquidity Facility (ELF) and $1 billion (UA650 million) Trade Finance Initiative (TFI), as part of measures to cushion effects of the global economic crisis in the continent, including Nigeria.
In its 2008 Report released yesterday at the 2009 Annual Meeting of the Bank in Dakar, Senegal, ADB lamented that the global crisis had created enormous challenges that threatened sustainability of Africa 's growth. "The bank is poised to play a cyclical role in its public and private sector operations, to help cushion effects of the crisis on financing, especially in infrastructure and trade finance.
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