Browsing: G7 DFIs investments in Africa

The goal of JETP is to help South Africa decarbonise and switch to renewable energy for its power needs as aligned in the country’s Nationally Determined Contribution emissions goals.

Through the program, South Africa will mobilise an initial commitment of $8.5 billion for the first phase of financing, which has now been secured and whose distribution plan will be announced next month in Egypt at the COP27.

“The Partnership is expected to prevent up to 1-1.5 gigatonnes of emissions over the next 20 years and support South Africa to move away from coal and to accelerate its transition to a low emission, climate resilient economy,”  reports the European Commission.…

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 …