Browsing: Africa’s private sector

G7 institutions team up to invest $80bn into Africa’s private sector

G7 Development finance institutions (DFIs) are collaborating with several multilateral partners to invest $80 billion in Africa’s private sector over the next five years.

The investments are aimed at supporting Africa’s economic recovery and growth. The project will boost support for long-term development objectives of the economies that have been affected by the pandemic.

The G7 Development finance institutions consist of the private sector arm of the African Development Bank (AfDB), the European Investment Bank (EIB), the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD).

The institutions play a key role in helping to build markets, moderate risk and pave way for investors to enter new markets.

This project will make it the first program that the G7 DFIs have made a collective partnership commitment to the African continent.

According to the International Monetary Fund (IMF), Sub Saharan Africa will need $425 billion in additional …