Devex: Development heavyweights back bigger role for DFIs in COVID-19 response
“European development finance institutions need more resources and new rules to better support the private sector in Africa through the COVID-19 crisis, according to a call to action from 20 development experts Monday. The call to European governments … argues that: ‘DFIs should be countercyclical at a time when private financial flows have come to a sudden stop, and should lead other investors back into African markets on the other side of the crisis.’ … The call to action, coordinated by EDFI, similarly argues that governments should replenish capital injections and top up risk-sharing schemes for European DFIs while making more funding available for technical assistance to African businesses…” (Chadwick, 5/4).