The coalition for a sustainable and inclusive recovery of the private sector, an international group of 20 development finance institutions that came together in 2020, today announced commitments of over $5.55 billion of financing to micro, small and medium enterprises (MSMEs) in Africa between mid-2020 and end of 2021, beating their set target of $4 billion over the period.
The coalition said it had exceeded its initial target by 40 percent, while development finance institutions jointly committed over $5.55 billion of financing of micro, small and medium enterprises in Africa over the period.
At the first Finance in Common Summit in November 2020, the EDFI Association, on behalf of its 15 European member development finance institutions, together with the African Development Bank, the West African Development Bank (BOAD), FinDev Canada, the U.S. International Development Finance Corporation, and the Islamic Corporation for the Development of the Private Sector, launched the coalition. The Trade and Development Bank joined it soon after.