Home Africa $16.5bn approved for World Bank projects in sub-Saharan Africa in 2018
$16.5bn approved for World Bank projects in sub-Saharan Africa in 2018

$16.5bn approved for World Bank projects in sub-Saharan Africa in 2018

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World Bank Group has approved $16.5 billion in lending to sub-Saharan Africa for 138 projects in fiscal 2018, the president of the group, Dr. Jim Yong Kim, has said.
Speaking at the 2018 World Bank Annual Report presentation at the ongoing International Monetary Fund (IMF)/World Bank Meetings in Bali, Indonesia, yesterday, Kim said key focus areas in the bank’s strategy for Africa include; raising agricultural productivity, increasing access to affordable and reliable energy, building resilience to climate change, promoting regional integration and boosting human capital.
The group also committed almost $67 billion in financing, investments and guarantees worldwide.
“The International Bank for Reconstruction and Development (IBRD) has continued to see strong demand from clients for its services, with commitments rising to $23 billion in fiscal 2018 while the International Development Association (IDA) has made its largest ever financial commitment of $24 billion to help the poorest countries in the world,” he said.
Kim said the $24 billion financial support for the poorest countries in 2018 alone was “the largest year of IDA commitments on record.”
Other financial assistance rendered by the World Bank in 2018, he noted, included the International Finance Corporation’s (IFC) provision of more than $23 billion in financing for private sector development, including $11.7 billion mobilized from investment partners.
Of this, about $6.8 billion went to IDA countries, and more than $3.7 billion was invested in areas affected by fragility, conflict and violence, he added.

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