No sooner said than done. Or at least hopefully. World leaders made the commitment during the latest G7 to support the poorest countries, especially in this phase of recovery from the pandemic, and the day after the summit comes the news that the Development Finance Institutions (which belong to the Big 7, for Italy there is the CDP) , the International Finance Corporation (IFC), the African Development Bank, the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB) have pledged to invest $80 billion in Africa, in the private sector, over the next five years.
“This is the first time that the G7 DFIs have joined forces in a collective effort on behalf of the African continent,” a statement said. This is a substantial aid but in theory still completely insufficient, if we consider that according to estimates by the International Monetary Fund (IMF), Sub-Saharan Africa it would need about 425 billion dollars of additional funding by 2025, to strengthen the response to the pandemic crisis and reduce poverty in the region. The investments envisaged by the big names will be centered, as is happening in the various European and North American plans, on sustainable development.
“The EIB – he commented Werner Hoyer, President of the EIB – Appreciates the G7 leaders' commitment to promoting high-impact investment across Africa, during and after the pandemic. Last year, the EIB's engagement in Africa under the Team Europe initiative represented the most important action ever for the climate and for the most fragile countries, in the 55 years of the EIB's presence on the continent. We stand ready to continue cooperation with African and multilateral institutions to counter the pandemic and accelerate the ecological transition in Africa".
“Closer collaboration between Development Finance Institutions and Multilateral Financial Institutions it is an essential factor to promote Africa's sustainable economic recovery and growth. CDP intends to contribute to this strategic partnership, supporting the African continent in the development of its private sector, both entrepreneurial and financial, with the aim of unlocking its extraordinary potential”, added the new CEO of CDP, Dario Scannapieco.
