The differences in stimulus to support populations are considerable, with an undesirable setback in poverty and food security in mainly low-income countries. Other differences are related to the battle between the virus and vaccine availability. Vaccinations have started in most emerging markets, but the pace of rollouts varies considerably across countries. It is not helping that vaccinations are flowing slowly to low-income countries. In fact, it has become more evident over the past few months that in the race to get vaccines the poorest countries often pull the short straw.

Repairing the ship while sailing the COVID-19 waves

Therefore, for emerging markets, the most immediate challenge is being able to maintain stimulus until the virus is under control. The costs for governments are piling up and inequality is escalating. That is why more hands are needed in rebuilding a more sustainable economy.

Collaborating in impact investments that require capital allocation towards productive activities, such as building structures, improving human capital and working with digital technology by sharing information and knowledge, as well as financing can help us move at a faster pace. Just an example of the impact of collaboration, we are co-financing a large-scale mini grid renewable energy investment that is making it possible for Nigeria to access affordable energy for schools households and small firms. 

Our task in the coming time will be to push forward for a more inclusive economy that is in balance with our environment. The pandemic has proven already that it is difficult even in times of crisis to persuade governments and citizens to work together in common interest. But there is no other choice given the urgency and the dimension of the challenges.

Time for different choices