This archive report was first published on 13 July 2021.
On July 13, 2021, the UK government announced a significant commitment to investing in Africa's private sector, alongside other G7 countries and multilateral partners.
The collective investment of $80 billion over the next five years is aimed at supporting the long-term development goals of African economies, with a focus on renewable power, agriculture, infrastructure, manufacturing, and technology.
The development institutions involved, including the International Finance Corporation, the African Development Bank, and the European Investment Bank, aim to provide clean and reliable energy to millions of people, increase access to finance, create jobs, and reduce poverty throughout the continent.
UK's Minister for Africa James Duddridge stated, “The UK is proud to back this commitment by world leaders at the G7 Summit to invest more than $80 billion in Africa’s private sector over the next 5 years. This investment will create jobs, boost economic growth, help tackle climate change and fight poverty. It comes at a crucial time as the continent rebuilds its economies, severely impacted by COVID-19”.
Notably, this commitment builds on a previous plan announced by the UK-based development finance institution CDC Group in 2021, which aimed to invest $1 billion in key markets in Africa, including Egypt, Ethiopia, Kenya, and Nigeria.
