COVID-19: IFC announces $2bn investment to lift Africa’s MSMEs

COVID-19: IFC announces $2bn investment to lift Africa’s MSMEs

COVID-19: IFC announces $2bn investment to lift Africa’s MSMEs     The International Finance Corporation (IFC), a member of the World Bank Group, announced on Wednesday a $2 billion commitment to support smaller businesses and increased trade in Africa to speed up the continent’s economic recovery from the pandemic as well as sustaining and creating jobs and business activity. The IFC will invest $1 billion in new direct financing for micro, small and medium-sized enterprises (MSMEs), the backbone of African economies, via mezzanine financing and risk-sharing instruments. in addition, it…

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AfDB: Nigeria needs urgent economic diversification for COVID-19 recovery

Nigeria needs urgent economic diversification for COVID-19 recovery

AfDB: Nigeria needs urgent economic diversification for COVID-19 recovery     The African Development Bank (AfDB) says economic diversification is the only viable option for Nigeria to survive the current global economic downturn occasioned by the COVID-19 pandemic. News Agency of Nigeria (NAN) reports that Oyebanji Oyelaran-Oyeyinka, senior special adviser on industrialisation to the president of the AfDB, said this while delivering the Founder’s Day Lecture of the Igbinedion University, on Monday in Edo state. He said the country cannot progress and respond favourably to the emerging challenges of the 21st…

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