US-based International Finance Corporation (IFC) has provided $9.4 billion in financing to 36 African countries between July 1, 2021, and June 30, 2022, to develop regional pharmaceutical manufacturing, boost intra-Africa trade and strengthen food security, the fund said in a statement.
The investments include $3 billion in trade financing, $2.1 billion for green transition and $861.7 million to increase digital connectivity. In addition, the fund provided $603 million in agriculture financing to strengthen food security.
Financing across Africa included short-term finance ($3 billion) and mobilisation ($2.6 billion), with 49 percent of the funds going to low-income and fragile and conflict-affected states.
IFC, a member of the World Bank Group, launched the $1 billion African Trade and Supply Chain Finance Program (ATRI), which will begin financing initiatives in July to support Africa's regional trade development and reduce the continent's reliance on imports, the statement noted.
(Editing by Seban Scaria firstname.lastname@example.org)