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COVID-19: Development banks seek financing for Africa’s recovery

A global coalition of public development banks has emphasised the urgency of immediate resources for Africa’s recovery post-COVID-19. The banks stated this in a meeting hosted by the African Development Bank (AfDB), yesterday. The African Association of Development Finance Institutions co-organised the meeting in collaboration with the International Development Finance Club, which is hosted by the Agence Française de Dévelopment.

The meeting, which was held virtually, follows the first Finance in Common Summit held in November 2020. The participants brainstormed on joint actions that could help boost a strong and inclusive recovery in Africa-a recovery grounded in a dynamic private sector. During the three principal sessions of the meeting, heads of public development banks and international partners focused on concrete proposals and innovative financial solutions to unlock the potential of African financial institutions to promote sustainable development investments in Africa. “The African Development Bank is strongly supportive of public development banks,” African Development Bank President, Dr. Akinwumi A. Adesina, said in opening remarks.

 

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