Africa’s economic recovery: Funding robust post-pandemic growth

Africa’s economic recovery: Funding robust post-pandemic growth

If we do nothing, we risk losing them. Millions of people on the continent have already been pushed into poverty. Millions more are teetering on the brink. Africa’s youth is Africa’s biggest asset, but only if they have the opportunities and skills needed to build a better future. We cannot allow this to happen.

Today, from my position as the managing director of the International Finance Corporation (IFC), I still see Africa’s potential clearly—a global economic driver, digital innovation hub, and model for green, resilient infrastructure. But I am also concerned about Africa’s future, especially for the young people coming of age in a time of great uncertainty. Conflict is on the rise, and the number of countries falling into instability is increasing. The impacts of climate change are worsening each year. And while COVID-19 has affected everyone, it has not affected everyone equally: This truth is especially salient for Africa, which saw decades worth of economic and social progress erased almost overnight. Africa’s future never looked brighter than it did during my time serving as the World Bank’s vice president for Africa from 2012 through 2018. The continent was home to the world’s fastest-growing economies—a growth fueled by high commodity prices. Free trade was becoming a reality with the rapid approach and realization of the African Continental Free Trade Agreement. Political instability was largely under control. And, even in the midst of an Ebola outbreak, the continent largely succeeded in containing the worst health and economic impacts of that virus.

“We must unite around one shared and audacious goal: To create a more equitable and resilient world coming out of the pandemic than the one we had going into it.”
Africa’s pandemic recovery requires investments that build the foundation for the region’s future

But much more will be needed in the months and years ahead. The pandemic exposed and exacerbated existing vulnerabilities in many countries’ physical and social infrastructures. Addressing these vulnerabilities will be key to ensuring no one is left behind as we move from response to recovery. Moreover, it will also safeguard against future global crises that could otherwise derail hard-fought development gains. A few issues in particular require our urgent attention. Private sector investments have been critical to Africa’s pandemic response. In the last fiscal year alone, IFC helped mobilize more than $6 billion in investments that helped develop vaccine manufacturers, boost financing access for small businesses, support regional trade, and fund green and digital projects on the continent. These efforts saved lives and jobs during the height of the crisis.

As someone who has focused on the Africa region and broader development issues, both professionally and personally, I believe in this vision for our future. I especially believe in it for Africa. And I know private financing will play an essential role in getting us there. The path forward is clear: We must come together, as public and private actors, to ensure an inclusive, resilient recovery. We must unite around one shared and audacious goal: To create a more equitable and resilient world coming out of the pandemic than the one we had going into it.

The News Highlights

  • Africa’s economic recovery: Funding robust post-pandemic growth
  • Check the latest News news updates and information about business, finance and more.
Disclaimer: If you need to edit or update this news from compsmag then kindly contact us Learn more
We will be happy to hear your thoughts

Leave a reply

Compsmag - Latest News In Tech and Business
Logo