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Africa’s biggest multilateral investors and lenders have pledged US$15 billion over the next three years to strengthen financial sectors and promote trade in response to the economic downturn.
The global financial crisis threatens gains in poverty reduction, economic growth and macroeconomic stability many African countries have seen in the past decade, African Development Bank (AfDB) Group President Donald Kaberuka told reporters at the AfDB’s annual meeting in the Senegalese capital Dakar.
“Close collaboration among international financial institutions will be critical at this time. The AfDB has intensified its collaboration with other development partners in search for targeted crisis intervention strategies.”
Under the initiative, banks will set up an emergency financial support facility; a trade finance credit line and an African agriculture fund.
Participating investors include the AfDB, the Groupe Agence Française de Développement, the Development Bank of Southern Africa, the European Investment Bank, Germany Financial Cooperation, the International Islamic Trade Finance Corporation and the World Bank Group.
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