Covid-19: IFC to provide $2 billion to African economies

Tuesday, 25 May 2021 09:51
Covid-19: IFC to provide $2 billion to African economies

(Togo First) - The International Finance Corporation (IFC) announced on May 18, 2021, the disbursement of $2 billion to support small businesses and boost trade in Africa. The support will, according to the World Bank’s arm, help African economies recover post-Covid. 

In detail, a billion dollars will directly finance micro, small, and medium enterprises (MSMEs) and the other half will finance international trade for Africa, to ease the import and export of essential goods - notably, food and medical products. 

To create the conditions for an inclusive and sustainable recovery, it is essential to increase and adapt our financing to small and medium-sized enterprises and to secure the trade flows that drive economic activity,” said Makhtar Diop, IFC Director-General. “This is a critical time for people, businesses, and economies across Africa,” he added while emphasizing that “long-term recovery depends on financing the pillars of the economy that need it most today.” 

This financing is one of the most important commitments the IFC ever made for Africa. It comes as Africa faces the impact of the pandemic, which provoked its first recession in 25 years, slowing the private sector’s growth and cutting by 18% foreign direct investments in Africa. 

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