World Bank announces USD 57 bln in financing for Africa
| March 20, 2017, 1:34 a.m.
The World Bankhas announced USD 57 billion in financing for sub-Saharan Africaover the next three fiscal years.
Of that total, USD 45 billion will come from the International Development Association, the WorldBank fund that provides grants and interest-free loans for the world's poorest countries.
The package will also feature an estimated USD 8 billion in private sector investmentsfrom the InternationalFinance Corporation, a private-sector branch of World Bank, and USD 4 billion will come from the International Bankfor Reconstruction and Development, the bank's unit for middle-incomenations, WorldBank president Jim Yong Kim yesterday said in a statement.
Germany, which hosted a meeting of the G20 countries Friday and Saturday, said that a partnership called "Compact with Africa" would be a priority of its presidency this year of that club of powerful nations. Of all the countries in Africa, only SouthAfrica is a G20 member.
"This represents an unprecedented opportunity to change the development trajectory of the countries in the region," Kim said.
"With this commitment, we will work with our clients to substantially expand programs in education, basic health services, clean water and sanitation, agriculture, business climate, infrastructure and institutional reform," he added.
Kim left for Rwanda and Tanzania yesterday in a show of World Banksupport for the entire region.
The new financing from the International Development Association will target 448 projects that are already underway in sub-SaharanAfrica.The region accounts for more than half of the countries eligible for this kind of financing from the IDA, the banksaid.