A group of global development banks announced an $80 billion commitment to invest in African economies on Monday, following on the closely watched weekend G7 Summit in the United Kingdom.

The funding will come from the development banks of the G7 nations, along with the private-sector branch of the African Development Bank, the World Bank-affiliated International Finance Corporation, and the European Investment Bank. It’s meant to support African nations struggling with the economic and health crisis caused by the COVID-19 pandemic.

“We welcome this global partnership and the opportunity to provide the African voice, as Africa builds back better and boldly,” said Solomon Quaynor, the AfDB manager for private sector investment and infrastructure. “The opportunity to create jobs particularly for youth and women, from a focus on industrializing Africa underpinned by the African Continental Free Trade Area, will be our priority.”

The G7 meeting at Carbis Bay put Africa at the center of discussions on COVID vaccine access, infrastructure and development assistance. The IMF said in April that the continent will need an additional US$425 billion across the next five years – particularly in sub-Saharan Africa – to drive a recovery and ensure vaccine access.

South African President Cyril Ramaphosa, one of four leaders invited to the G7 Summit, pressed for assistance with vaccines and welcomed the support of U.S. President Joe Biden and the G7 as they announced another 1 billion doses will be donated globally. G7 leaders also agreed to support Africa’s regional vaccine manufacturing plans.

Image: South African Presidency