Join UNDP, the African Union and the Historically Black Colleges and Universities in the United States for a unique conversation on innovating financing for COVID-19 recovery in Africa.
This high-level event, on the margins of the 76th extraordinary session of the United Nations General Assembly, convenes government representatives, finance institutions, trade and business development partners to facilitate and create new partnerships that advance the agenda for innovative finance for all people of African descent.
The COVID-19 pandemic has exacerbated the inequalities faced within the African continent, as well as among the African diaspora, in terms of both their ability to contain the virus and ability to withstand its socio-economic impacts. Research by UNDP’s Africa Bureau on the long-term economic impacts of the pandemic suggests that COVID-19 has reversed Africa’s macroeconomic and development gains reached over the past two decades, thereby making it even more difficult for the continent to get back on track to attain the Sustainable Development Goals (SDGs) or the African Union’s Agenda 2063. People of African descent everywhere in the world have also suffered from the considerable impact of the pandemic. Recovering from the ravages of COVID-19 and building forward through smarter, fairer, and more sustainable approaches will require a herculean effort and significant additional financing.
There are many opportunities for scaling and adopting innovative financing mechanisms and instruments. Some innovative mechanisms may include offering new guarantee schemes for businesses and sectors that are hard-hit by the pandemic, inclusive financial services, mobilizing funds from non-traditional emerging actors such as venture philanthropies and blended finance modalities. While devastating, the COVID-19 pandemic offers a window of opportunity where such innovative instruments can be adopted widely for future resilience.
Date: Wednesday 29th September 2021
Time: 10:00 a.m. to 11:45 a.m. EDT