IFC provided $9.4bn for private sector development in Africa in the past year

Development finance institution the International Finance Corporation (IFC) provided record financing of $9.4-billion in investments between July 2021 and June this year across 36 countries in Africa, helping to develop regional pharmaceutical manufacturing, increase intra-Africa trade, expand access to climate financing and strengthen food security. The investments include $3-billion in trade financing that is unlocking intra-Africa trade for thousands of small businesses; $2.1-billion that is supporting the continent’s green transition, from increasing access to climate finance to funding renewable energy projects; and $861.7-million that is supporting increased digital connectivity.