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$4 BILLION FOR AN INCLUSIVE PRIVATE SECTOR RECOVERY IN AFRICA

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  • Multi-country Global

  • Multi-sectors

HLE PME FICS
@droits réservés

On the occasion of the high-level event "Africa: Towards a sustainable recovery for the private sector", organised by EDFI as part of the first international summit of public development banks, the financial institutions announced that they would mobilise at least 4 billion dollars for small and medium-sized African enterprises by the end of 2021.

The Covid-19 crisis, which is greatly affecting most countries in the world, is jeopardising decades of private sector growth and job creation in Africa. It is already causing major setbacks, particularly in terms of unemployment, inequality and poverty across the continent. The prospects for micro, small and medium-sized enterprises (MSMEs) in particular are worrying.

These MSMEs are essential to the African continent's economy and provide essential jobs for vulnerable populations, as recalled by all participants at the high-level event of the Finance in Common summit dedicated to the sustainable recovery of the private sector in Africa.

The current crisis reinforces the obstacles these MSMEs face on the ground, which often prevent them from accessing finance, and thus from fully deploying their development potential. With the Covid-19 pandemic, MSMEs need the support of public development banks more than ever.