a billion-dollar commitment to boost long-term development objectives of the African continent. Accordingly, the development finance institutions of the from the seven most industrialised nations in the world, together with the International Finance Corporation (IFC), the European Investment Bank (EIB), the European Bank for Reconstruction and Development and the African Development Bank have decided to commit a US$80 billion investment in the private sector across the region over the next five years.
“The UK is proud to back this commitment by world leaders at the G7 Summit to invest more than US$80 billion in Africa’s private sector over the next 5 years,” Minister for Africa for the UK Government, James Duddridge, said. “This investment will create jobs, boost economic growth, help tackle climate change and fight poverty. It comes at a crucial time as the continent rebuilds its economies, severely impacted by COVID-19.”
According to EIB President Werner Hoyer, the EU Bank’s engagement in Africa last year represented the Bank’s…
