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Record $57bn in financing for sub-Saharan Africa

By Staff FTW online News 
Following a meeting with G20 finance ministers and central bank governors, World Bank Group president, Jim Yong Kim, has announced a record US$57 billion in financing for sub-Saharan African (SSA) countries over the next three fiscal years.

The bulk of the financing – $45 billion – will come from the International Development Association (IDA), the World Bank Group’s fund for the poorest countries. The financing will include an estimated US$8 billion in private sector investments from the International Finance Corporation (IFC) – a private sector arm of the World Bank Group – and US$4 billion in financing from International Bank for Reconstruction and Development, its non-concessional public sector arm.

“This represents an unprecedented opportunity to change the development trajectory of the countries in the region. 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,” said Kim.

The IDA financing for operations in Africa will be critical to addressing roadblocks that prevent the region from reaching its potential. To support countries’ development priorities, scaled-up investments will focus on tackling conflict, fragility, and violence; building resilience to crises including forced displacement, climate change, and pandemics; and reducing gender inequality. Efforts will also promote governance and institution building, as well as jobs and economic transformation. 

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