Africa: IFC Announces $2 B Investment in SMEs and Trade to Support Recovery From COVID-19

Targeting sectors hit hard by COVID-19, IFC this week announced a $2 billion commitment to support smaller businesses and increased trade in Africa to galvanize the continent's economic recovery from the pandemic and to sustain and create jobs and business activity.

IFC will invest $1 billion in new direct financing for MSMEs, the backbone of African economies, including via mezzanine financing and risk-sharing instruments. IFC will invest a further $1 billion in support of international trade finance for Africa to facilitate the flow of imports and exports of essential goods, including food and medical products.