G7 DFIs to invest $80 billion in Africa

The seven finance gods have come together to invest in Africa.

A photo of the President of African Development Bank, Akinwunmi Adeshina
President of African Development Bank, Akinwunmi Adeshina

African Development Bank (AFDB) announced that the G7 Development Finance Institutions (DFIs) will be investing a whopping $80 billion in Africa’s private sector within the next five years in order to foster economic growth post-COVID-19 pandemic.

The G7 Development Finance Institutions group is made up of CDC, Proparco (France), Japan International Cooperation Agency (JICA) and Japan Bank for International Cooperation, DFC (US), FinDev Canada, DEG (Germany), and CDP (Italy).

The Managing Director of the International Finance Corporation, Makhtar Diop, stated he believes that Africa’s private sector will be responsible for creating the majority of the jobs that will be available in a few years, fostering poverty eradication and economic growth.