IFC, MIGA, and IBRD have joined with six other international financial and development institutions to provide at least $15 billion in financial support to Africa over the next two to three years.
This is part of a coordinated response to prevent the global economic crisis from reversing decades of progress, growth, and investment in the region.
The Joint Action Plan for Africa, announced in May 2009 at the African Development Bank's annual meetings in Dakar, recognizes that pooling resources and expertise will enable governments and institutions to more effectively help the region deal with the global economic slowdown.
IFC's contribution will consist of at least $1 billion. It will consist of programs to:
- Facilitate trade through the Global Trade Finance Program and Global Trade Liquidity Program
- Strengthen the capital base of banks using the IFC Recapitalization Fund
- Improve infrastructure by increasing investment in the sector through the Infrastructure Crisis Facility
- Increase microfinance lending
- Promote agribusiness companies
Last Updated: 14 Oct 2009 |
