African economies fell $290bn short of the financing required to respond to the health and economic needs due to the coronavirus pandemic in 2020, according to the World Bank’s latest regional outlook.
This follows a similar warning from the International Monetary Fund (IMF) last year that the continent, unable to mobilize the kind of stimulus seen elsewhere, is facing a $345bn financing shortfall through 2023.
These pandemic induced numbers have compounded an already severe pre-covid funding gap for Africa’s various development needs.
This includes up to $108bn annually for infrastructure, as much as $331bn for small and medium sized enterprises ($65bn in the agriculture space alone), and up to $238bn for climate change adaptation between 2020 and 2030.
You read the full report here.