World Bank announces $57bln financing for Africa

 20 Mar 2017 - 17:30

World Bank announces $57bln financing for Africa

QNA

Washington: The World Bank on Sunday announced $57 billion in financing for sub-Saharan Africa over the next three fiscal years.

Of that total, $45 billion will come from the International Development Association, the World Bank fund that provides grants and interest-free loans for the world's poorest countries.

The package will also feature an estimated $8 billion in private sector investments from the International Finance Corporation, a private-sector branch of World Bank, and $4 billion will come from the International Bank for Reconstruction and Development, the bank's unit for middle-income nations, World Bank president Jim Yong Kim said in a statement.

"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 programmes in education, basic health services, clean water and sanitation, agriculture, business climate, infrastructure and institutional reform," he added.