The G7 countries and multilateral partners including the International Finance Corporation, the African Development Bank, and the European Investment Bank will collectively invest over $80 billion in Africa’s private sector for the next five years.
“The UK is proud to back this commitment by world leaders at the G7 Summit to invest more than $80 billion in Africa’s private sector over the next 5 years. 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” UK’s Minister for Africa, James Duddridge said.
“As an impact investor and DFI, CDC is committed to providing long-term investment particularly in challenging times. As FDI continues to drop, we maintain our steadfast commitment to African businesses as they play a leading role in accelerating Africa’s economic and human development” Chief Executive Officer of UK based development finance institution CDC Group, Nick O’Donohoe said.
At the start of 2021, CDC Group unveiled a plan to invest $1 billion in key markets in Africa including Egypt, Ethiopia, Kenya, and Nigeria.