Despite this year having been the worst year of growth for the global economy in the past 40 years, and with sub-Saharan Africa facing its first recession in 25 years with a 3.1% gross domestic product (GDP) contraction expected, there remains a strong case for a rebound, as international institutions have committed a significant amount of resources to Africa's economic recovery, The European House – Ambrosetti CEO Valerio De Molli has said. For example, the European Union (EU) has committed almost €40-billion toward recovery in Africa, while the African Development Bank committed around €10-billion, the World Bank €135-billion, the International Monetary Fund €2.7-billion and the Africa Export-Import Bank around €3-billion.
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