Earlier this month, the G7 DFIs, the IFC, the private sector arm of the African Development Bank, EBRD and the European Investment Bank announced that they are committed to investing $80 billion in the private sector over the next 5 years to support sustainable economic recovery and growth in Africa.
The announcement is a welcome boost to support the long-term development objectives of African economies that have been negatively impacted by the pandemic.
It is the first time the G7 DFIs have come together to make a collective partnership commitment to the African continent.
Comments Angel Jones, CEO of Homecoming Revolution, “It’s encouraging to see such a large collaboration of investors focussing on Africa’s prosperity. This investment will boost economic growth and create jobs. We look forward to matching top talent to these important opportunities.”
Prioritised investments will include vaccine manufacturing, Covid-19 response, climate mitigation, and gender equity on the African continent.
The G7 DFI group consists of CDC, Proparco (France), JICA and JBIC (Japan), DFC (US), FinDev Canada (Canada), DEG (Germany) and CDP (Italy). This commitment is also supported by the IFC, the African Development Bank, the European Bank for Reconstruction and Development and the European Investment Bank.