SHARE

World Bank Pledges a Record $57 billion For Projects in Sub-Saharan Africa

Must Read

UN Removes Marijuana from List of Most Dangerous Drugs

The United Nation. Commission on Narcotic Drugs voted Wednesday to remove cannabis and cannabis resin from a category of the world's most dangerous drugs, which could impact the global medical marijuana industry.

Transatlantic Slave Trade: The Legacy of Brazilian Slave Merchant Francisco Félix de Souza in Benin

Francisco Félix de Souza was an Afro-Brazilian slave trader and merchant who traded in palm oil, gold and slaves in the 18th and early 19th century.

Man Named Adolf Hitler Wins Local Election in Namibia

A man called Adolf Hitler Uunona who has been elected as a local councillor for Namibia's governing Swapo party.
SHARE



World bank pledges money to sub-saharan african nations

The World Bank has announced that it will commit a record $57 billion in financing for sub-Saharan Africa in an effory to change the development trajectory of the countries in the region.

According to World Bank Group president, Jim Yong Kim, the funds will go towards a vast number of projects over the next three fiscal years, from July 1 2017 to June 30, 2020.

Kim pointed out that the bulk of the resources, about $45 billion, will come from the world banks special fund for the poorest nations the International Development association (IDA).

“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.

The package will also feature an estimated $8 billion in private sector investments from the International Finance Corporation, the Bank’s private sector arm and $4 billion will be from the Bank’s unit for middle-income nations.

Analysts have welcomed the fresh financing saying it will be critical with a view to help sub-Saharan African countries reach their full potential as they tackle conflict, climate change etc.



Uzonna Anele
Anele is a web developer and a Pan-Africanist who believes bad leadership is the only thing keeping Africa from taking its rightful place in the modern world.

Subscribe to receive email updates

With a subscription profile, you automatically receive updates without having to return to the website and check for changes

Just In

UN Removes Marijuana from List of Most Dangerous Drugs

The United Nation. Commission on Narcotic Drugs voted Wednesday to remove cannabis and cannabis resin from a category of the world's most dangerous drugs, which could impact the global medical marijuana industry.

Man Named Adolf Hitler Wins Local Election in Namibia

A man called Adolf Hitler Uunona who has been elected as a local councillor for Namibia's governing Swapo party.

Ngozi Okonjo Iweala Named Forbes ‘African Of The Year’

Ngozi Okonjo-Iweala, Nigeria’s former minister of Finance and former Managing Director of the World Bank, has been named the Forbes African of the Year, 2020.

‘Black-ish’ Star Marsai Martin, Breaks Record for Youngest Hollywood Executive Producer

'Black-ish' star Marsai Martin, who's 16, has set a record for the youngest Hollywood executive producer.

More Articles Like This