G7 development banks to invest $80bln+ in Africa over the next 5 years
Tuesday, 15 June 2021 15:23
The G7 development finance institutions approved an investment of more than $80 billion into African businesses over the next five years. The initiative is aimed at supporting the economies hard hit by the Covid-19 pandemic in their recovery process.
For these development banks and their partners such as the European Investment Bank and the International Finance Corporation (IFC), the African private sector has a major role to play in job creation, which is essential to ensure the continent's economic growth. The funds will be directed to priority sectors, including health, as part of the fight against covid-19, or the financing of green projects.
British CDC Group sees the announced investment as timely as the continent is rebuilding its economy in a post pandemic period. According to IMF estimates, the sub-Saharan part will need an additional $425 billion by 2025 to strengthen its spending and ensure a sustainable recovery.
Chamberline Moko
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