fbpx
White House ‘Social Media Summit’: No Facebook, No Twitter, No Transparency CopyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more White House ‘Social Media Summit’: No Facebook, No Twitter, No TransparencyRead more Twitter to Label Tweets by Leaders Who Break Its RulesRead more Twitter to Label Tweets by Leaders Who Break Its RulesRead more Twitter to Label Tweets by Leaders Who Break Its RulesRead more Twitter to Label Tweets by Leaders Who Break Its RulesRead more

World Bank to invest $2 bn in African small businesses

show caption
The World Bank is investing $2 billion towards supporting businesses and international trade in Africa./AFP
Print Friendly and PDF

May 20, 2021 - 11:48 AM

WASHINGTON — The World Bank announced Wednesday it will invest $2 billion to support medium and small businesses in Africa and boost trade in the region as it recovers from the Covid-19 downturn.

The International Finance Corporation (IFC), the bank’s development arm focused on private-sector development in emerging markets, will invest $1 billion in direct financing for businesses and another $1 billion in support of international trade finance.

The combined $2 billion package is “among the IFC’s largest ever commitments to specific initiatives in Africa,” the corporation said, adding that Covid-19 “plunged the region into recession, reduced foreign direct investment flows and pushed millions more Africans into poverty.”

“Long-term recovery will depend on getting funding to the pillars of the economy that need it today,” IFC Managing Director Makhtar Diop said in a statement.

The announcement came as French President Emmanuel Macron hosted a summit in Paris that includes African leaders and global financial institutions.

Africa’s populations have been less badly hit by the pandemic than other regions, with a total of nearly 130,000 dead compared with almost 3.4 million worldwide, according to the latest AFP tally from official sources.

But the economic cost has been devastating, with the International Monetary Fund warning in late 2020 that Africa faces a shortfall of $290 billion up to 2023, undermining efforts at development.

  • bio
  • twitter
  • facebook
  • latest posts

LMBCBUSINESS.COM uses both Facebook and Disqus comment systems to make it easier for you to contribute. We encourage all readers to share their views on our articles and blog posts. All comments should be relevant to the topic. By posting, you agree to our Privacy Policy. We are committed to maintaining a lively but civil forum for discussion, so we ask you to avoid personal attacks, name-calling, foul language or other inappropriate behavior. Please keep your comments relevant and respectful. By leaving the ‘Post to Facebook’ box selected – when using Facebook comment system – your comment will be published to your Facebook profile in addition to the space below. If you encounter a comment that is abusive, click the “X” in the upper right corner of the Facebook comment box to report spam or abuse. You can also email us.