By Hamilton Nwosa (Head, The New Diplomat’s Business and Data tracking desk)
The Republic of Germany said on Tuesday that it has granted Nigeria debt relief amounting to N8.9 billion (€22.4 million) on account of the coronavirus pandemic ravaging various countries across the world.
In addition, the German government said it has mounted a successful campaign within the G20 group of countries and the Paris Club group of creditor countries in favour of a debt moratorium for countries seriously impacted by the devastating impact of COVID-19.
The European economic powerhouse which disclosed this development in a statement in Abuja said “In 2020, the German treasury relieves Nigeria of debt repayments amounting to €22.4 million (N8.9bn).”
The stated added: ” This comes in addition to Germany’s support to the COVID-19 response on a global level and the support provided by the European Union to partner countries in Africa worth €3.25 billion (N1.3 trillion). On April 27, Germany pledged €300 million (N120bn) to the global humanitarian response plan launched by the United Nations to fight COVID-19.”
Similarly, the German government said it has accordingly committed to a total sum of €12 million (N4.8bn) as additional funding support to the West Africa Health Organisation, which is the sub-regional body responsible for coordinating health institutions and activities within the ECOWAS sub-region
This fund, according to the German government, is designated for the acquisition of vital and necessary medical supplies and laboratory capabilities, training capacities, among others.“Clearly, the current crisis goes beyond national and even continental borders and can only be fought effectively in a cooperative way. We need more international cooperation, not less”, German Foreign Minister, Heiko Maas, was quoted as saying.
