The G7 development finance institutions, the African Development Bank and several European banks announced Monday that they will invest $80 billion by 2025 in Africa to support growth.

"The [€66 billion] announcement is a welcome help to support the long-term development objectives of African economies that have been negatively impacted by the crisis," reads a statement issued today in Abidjan, the AfDB headquarters, which notes that "this is the first time that development finance institutions (DFIs) have come together to announce a collective commitment on the African continent.

In the communiqué sent to Lusa, it is detailed that in addition to the DFI of the G7 countries, also the ADB, the European Bank for Reconstruction and Development and the European Investment Bank are part of this group of financial entities whose main vocation is to finance projects that lead to the development of the countries where they are launched.

"The International Monetary Fund estimates that sub-Saharan Africa needs additional funding of $425 billion by 2025 to help strengthen the response to the pandemic in terms of public spending and poverty reduction in the region," reads the text, which comes the day after the end of the G7 meeting, which was held over the weekend in Carbis Bay in southwest England.

Each DFI has its own investment criteria that is aligned with an assessment about the need to achieve development impact in various sectors, the ADB explains, noting the "important role these entities play in helping to build markets, mitigate risk, and pave the way for other investors to enter new markets."

The G7 DFI's are France's CDC and Proparco, Japan's JICA and JBIC, the US's DFC, Canada's FinDev, Germany's DEG, and CDP in Italy.