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World Bank Group Commits $15.3B to Development in Sub-Saharan Africa

Posted byBy Brittney Fennell | Published on: CommentsComments (0)

The World Bank Group committed a record-breaking $15.3 billion to sub-Saharan Africa’s development in fiscal year 2014 (July 2013 to June 2014), supporting shared prosperity in the region and focusing on increased efforts to reduce poverty, according to a press release issued by the bank in Monrovia, Liberia.

“Africa is making significant progress and at the World Bank we are stepping up the momentum to innovate and think big in order to help our clients achieve their development goals,” said Makhtar Diop, World Bank vice president for Africa.

The Bank Group continued its strong commitment to Africa delivering $10.6 billion in new lending for 160 projects this fiscal year. These commitments included a new record of $10.2 billion in zero-interest credits and grants from the International Development Association, the World Bank’s fund for the poorest countries. This is the highest level of IDA delivery by any region in the World Bank’s history.

In fiscal year 2014, the Multilateral Investment Guarantee Agency issued guarantees of $515 million in support of projects in the oil and gas, power, services, and telecommunications sectors. The agency also teamed up with the Overseas Private Investment Corporation to establish a $350-million political risk facility that will support planned investments in sustainable agribusiness in up to 13 countries throughout sub-Saharan Africa.

The release says Bank Group worked collaboratively to tackle development challenges and focused on regional projects in sustainable energy, irrigation, water management, and food security, and also on job training programs for youth, preventing malaria and other tropical diseases, and on social protection for poor families across the region.

In fiscal year 2014, the Bank Group focused its efforts to act quickly and effectively in emergency situations across Africa. In response to the crisis in Central African Republic, the bank delivered emergency development funds of over US$70 million to help restore key government services and to support food distribution and health services. Major regional initiatives focused on the challenges of fragility and conflict.

 

Read more at allAfrica.com.

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