This archive report was first published on 18 November 2021.
On November 18, 2021, the European Investment Bank (EIB) released a comprehensive report on the impact of COVID-19 on financing across Africa.
The Finance in Africa 2021 report surveyed 78 leading banks and financing institutions active across sub-Saharan Africa, examining the pandemic's effects on banking and business lending, and detailing the challenges and opportunities of green finance for banks.
According to Thomas Östros, European Investment Bank Vice President, Africa's banks are crucial for ensuring access to finance, which is essential for private sector growth and climate action.
"The European Investment Bank is committed to supporting transformational private and public investment across Africa in close cooperation with financial sector partners. The feedback from 78 leading African institutions contained in the Finance in Africa 2021 report is invaluable. It shows both the resilience of Africa's financial sector and enthusiastic engagement to embrace digitalization. At the same time, the report indicates future risks that could hinder financing for business growth, renewable energy, and recovery from the pandemic," said Mr. Thomas.
The report, written with the support of Making Finance Work for Africa (MFW4A), is the sixth study of Africa's financial sector by the EIB. It explores how access to finance provided by banks, microfinance, and private equity sectors have been affected and what long-term trends may impact private sector investment.
"The COVID-19 pandemic has already prompted major changes in how business is conducted, and has accelerated digitalisation trends that were already under way before the crisis but that were slower in adoption. This has unlocked new opportunities for African financial institutions to innovate and drive financial inclusion," said Abdelkader Benbrahim, Making Finance Work for Africa Partnership (MFW4A) Coordinator.
