Global Development Finance Coalition Commits USD 5.5 Billion to Assist MSMEs Recovery in Africa

The Coalition for a Sustainable and Inclusive Recovery of the Private Sector (the coalition) reported its commitment to over USD 5.55 billion of financing to small and medium-sized enterprises (MSMEs) in Africa between mid-2020 and the end of 2021, in an announcement made on the 16th of February 2022.

Why it Matters?

MSMEs play a critical role in the economy of Sub-Saharan Africa’s economy, making up 90% of trade and over half the jobs in the region. Yet, limited access to finance plays a major hurdle to growth topped by negative the impacts of the health crisis. The financing committed exceeded 40% of its initial target which was set at USD 4 billion and is in hopes to assist MSMEs overcome this hurdle. The collision hopes to continue providing capital and...