As active joint book runner, Citi is effectively leading the transaction, said Azevedo, who is based in London.

The size and coupon of the three-year US dollar bond have yet to be decided.

• Proceeds will be allocated in line with the African Development Bank’s Social Bond program and will help to create the conditions for economic recovery, he said.

Social bonds from the African Development Bank have been used to finance projects such as agricultural infrastructure in Botswana, water supply in Morocco and food security in Egypt.

Funding from the bank per project is typically below $200m, though a power-sector reform programme in Angola drew funding of $1bn.

The impact of coronavirus on African bonds and equities has been “unprecedented,” Azevedo said. Africa’s economic recovery will depend on the extent to which the global recovery bounces back, he added.

• Azevedo declined to comment on the financial impact of the virus in Africa on Citi. “We expect the storm to pass, but only those governments and corporates with clear, sensible and detailed plans to deploy capital will regain access to the capital markets quickly and on efficient terms.”

Industries of the Future

Africa’s densely populated urban areas create “enormous challenges” in dealing with coronavirus, but the continent’s young population will hopefully allow for higher levels of resistance, Azevedo said.

Combined with the oil price collapse, coronavirus is highlighting that Africa needs to reduce import dependency and raw materials export dependency, and produce far more of the goods it consumes, Azevedo said.