September 19

AVPA, UNDP Partner to Grow Sustainable Finance in Africa

The African Venture Philanthropy Alliance (AVPA), a Pan-African network of social investors collaborating to mobilise and deploy capital for impact and the United Nations Development Programme (UNDP), through its Africa Sustainable Finance Hub (ASFH) and the flagship initiative SDG Impact, have partnered to promote sustainable finance in Africa.

The collaboration will support the African private sector to contribute to the Sustainable Development Goals (SDGs) and the African Union (AU) Agenda 2063. The collaboration kicks off with an SDG Impact Standards User Training for African Corporates.

The impact of the COVID-19 pandemic is felt hard in Africa: the continent’s GDP has declined by 2.1% per capita leading to the worst recession in 50 years. An estimated 20 million jobs were lost in 2020 alone, pushing up to 40 million people into extreme poverty.

This is over and above the pre-COVID-19 annual SDG financing gap estimated at between $500 billion – $1.2 trillion. In Africa, COVID-19 recovery is estimated to cost USD 153 billion. Currently, these financing needs cannot be met as the continent’s traditional sources of social investments, aid and government funding, are declining and under pressure.

Photo courtesy of Karolina Grabowska.

Source: MSN (link opens in a new window)

financial inclusion, global development, SDGs