G7 countries and partners will invest $80 billion in the private sector across Africa, an official statement said on Monday.

In the statement, UK Minister for Africa James Duddridge said that “this investment will create jobs, boost economic growth, help tackle climate change, and fight poverty. It comes at a crucial time as the continent rebuilds its economies, severely impacted by COVID-19.”

The investment is set to be rolled out over the next five years and will see the G7 Development Finance Institutions (DFIs), including the UK’s CDC Group, support sustainable economic recovery and growth in Africa, according to the statement.

Nick O’Donohoe, CEO of CDC Group, said: “The patient, high quality capital that DFIs provide is urgently needed if African economies are to start to rebuild quickly from the impact of the pandemic.”

“The CDC is committed to building long term investment partnerships in Africa that fuel sustainable private sector growth in support of the UN’s Sustainable Development Goals,” he added.

Other investors include the World Bank’s International Finance Corporation, the African Development Bank, the European Investment Bank, and the European Bank for Reconstruction and Development, according to the statement.