International Financial Institutions Pledge $15 Billion for Africa

May 13, 2009—IFC, together with IBRD and MIGA, has 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.

The increased support is part of a coordinated response to prevent the global economic crisis from reversing decades of progress, growth, and investment in Sub-Saharan Africa.

The institutions participating in the initiative are the African Development Bank Group, the Agence Française de Développement Group, the Development Bank of Southern Africa, the European Investment Bank, the German Federal Ministry for Economic Development and Cooperation (BMZ) through the KfW Bankengruppe, the Islamic Development Bank Group, and the World Bank Group.

IFC's contribution will consist of at least $1 billion, including initiatives 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