Vital Launches Emergency Debt Facility In response To Coronavirus Pandemic01-04-2020
With foreign direct investment globally expected to fall by 30%-40% as a result of COVID-19*, the potential economic crisis facing Africa is severe and companies offering essential services in the developing world are among the most vulnerable to the coming financial shocks. It’s a situation that demands urgent and immediate action to save these businesses, which is why we have announced an emergency debt facility to help such companies continue to offer their critical services and get them through the coronavirus pandemic.
The Vital Impact Relief Facility, which starts with an initial $10 million in capital, will primarily target financially sound African businesses involved in agro-industry and processing, healthcare, and sustainable infrastructure and education in Kenya and Uganda. We plan to roll the facility out to our target geographies including Ghana, Democratic Republic of Congo, Côte d’Ivoire, Angola and Senegal, and are calling on other investors to join us and ensure that impactful businesses across the region can survive the crisis, continue to benefit millions of people across the continent and emerge even stronger from this crisis.
For official announcement click on the Vital Impact Relief Facility (link).