IFC rolls out $8 billion to help African companies affected by Corona Virus

By Foster Obi

The International Finance Corporation (IFC) is working with partners to help the private sector navigate the pandemic and recover from the economic and financial impact of the crisis. This includes mobilizing IFC’s global $8 billion fast track facility to initially support existing clients in the region affected by the outbreak. IFC is also providing advisory support to clients including financial institutions to manage risk during this period, to apparel manufacturers to help them transition to produce medical personal protective equipment (PPE) and to the tourism industry to find ways to navigate this difficult period.

The Corporation has made available a list of ongoing webinars hosted by the region to better understand the challenges being faced by clients.IFC is also undertaking an ongoing assessment of the impact of COVID-19 to better understand the needs of our clients in Africa.

IFC teams will pay particularly close attention to clients where the need is great as follows:

Companies facing significant disruption to manufacturing, such as the automotive and consumer goods sectors, hit particularly hard during this crisis; The agribusiness sector and tourism, both critical to job creation for many countries across Africa;Companies that form part of a disrupted supply chain;Those that suffer from a sharp drop in the global demand for commodities, a key driver to GDP for many economies in this region;

Others include those that face a significant increase in demand for their products and services and need help to meet that demand such as online retailers, pharmaceutical companies, clinics, hospitals and medical equipment manufacturers, but face challenges with their supply chains or working capital needs.

The International Finance Corporation (IFC) is an international financial institution that offers investment, advisory, and asset-management services to encourage private-sector development in less developed countries.