Investments in low-income or least-developed countries totalled €1.2bn, while Africa took in the largest share of total new commitments, according to the Association of European Development Finance Institutions.
The Association of European Development Finance Institutions (EDFI) has said its members increased investments by €9.5bn in 2023, making it their strongest year of total combined commitments.
Africa took in the largest share of total new commitments, at 40% of the group’s total commitments at €3.8bn, up by 12% from 2022.
Despite an uncertain macroeconomic landscape amid geopolitical unease, EDFI members increased new investments by 10%, bringing them beyond the pre-COVID commitment level, according to an EDFI spokesperson.
Gender equality and climate commitments saw a rise of 38% and 17%, respectively, with the latter seeing an increase of 260% in EDFI commitments since 2020.
Investments in low-income or least-developed countries totalled €1.2bn, up 5%, while SME commitments dipped by 3% compared with 2022, amounting to €2.6bn in 2023.
Established in 1992, to support and promote the work of bilateral development finance institutions (DFIs), the EDFI currently has a combined portfolio of €51bn, €15bn of which is dedicated to climate finance.
A more detailed annual report, including an in-depth look at EDFI member institutions’ activities and impact during 2022 is due to be published in Q4 2024.
The report will include data on the commitments from blended finance and co-financing facilities managed by DFIs and the EDFI Management Company on behalf of donor partners, private co-finance mobilisation.