World Bank to Lend 50 Billion USD to Sub-Saharan Africa in 2020

Must Read

The Heroro-Nama Genocide: Germany’s Brutal Genocide in Namibia in the early 20th Century

The Herero and Namaqua Genocide is considered to have been the first genocide of the 20th century. It took place between 1904 and 1907 in German South-West Africa(modern day Namibia), during the Herero Wars.

Kenneth Kaunda, Zambia’s First President, and the Last African Independence Leader from the 1960s Dies at 97

Kenneth Kaunda, Zambia’s founding president and one of Africa’s last surviving liberation leaders, has died at a military hospital in Lusaka, where he was being treated for pneumonia. He was 97.

Artefacts Looted From Ethiopia 150 Years Ago Withdrawn From Uk Auction After Ethiopia’s Appeal

Two artefacts that were stolen during colonial-era looting by British forces in Ethiopia have been withdrawn from auction after the Ethiopian government appealed in a letter.
Advertisement



The World Bank said Wednesday it will lend 50 billion U.S. dollars to 48 countries in Sub-Saharan Africa this year.

World Bank to lend 50 bln USD to sub-Saharan Africa in 2020

The Bank said the loan is significantly more than any other region and making up about one-third of the Bank’s entire portfolio.

“These financing volumes are almost double what the region delivered ten years ago,” the lender said in a statement.

Furthermore, the growth in financing to fragile states has been even higher with about two-thirds of World Bank financing to fragile states happening in Africa, it said.

The Bank’s portfolio includes projects and programs in areas such as agriculture, trade and transport, energy, education, health, water and sanitation.

The Bank further revealed that its Sub-Saharan Africa regional portfolio will now be managed by two vice presidents, covering Western and Central as well as Eastern and Southern Africa, respectively for increased country operational focus. The institution announced the change in early 2020, which took effect on Wednesday.

Ousmane Diagana will join as vice president for Western and Central Africa while Hafez Ghanem becomes vice president for Eastern and Southern Africa.

The region has been led since 2018 by Ghanem, who takes on the role of vice president for Eastern and Southern Africa.

“Our commitment to Africa gets stronger every day, and I am thrilled to work alongside Ousmane Diagana to deliver even more resources to the people who need them the most,” said Ghanem.


“We are two vice presidents, but we see Africa as one, and will continue sharing lessons, expertise, and ideas across the continent.”

The creation of an additional vice presidency unit is part of the World Bank group’s continuous efforts to align resources with priorities. This is expected to help drive the reforms and policies needed to achieve sustained and broad-based growth, alleviate poverty and raise living standards for people on the continent.

Advertisement



Related:   Wangari Maathai, First Black Woman to Receive the Nobel Peace Prize
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

The Heroro-Nama Genocide: Germany’s Brutal Genocide in Namibia in the early 20th Century

The Herero and Namaqua Genocide is considered to have been the first genocide of the 20th century. It took place between 1904 and 1907 in German South-West Africa(modern day Namibia), during the Herero Wars.

Kenneth Kaunda, Zambia’s First President, and the Last African Independence Leader from the 1960s Dies at 97

Kenneth Kaunda, Zambia’s founding president and one of Africa’s last surviving liberation leaders, has died at a military hospital in Lusaka, where he was being treated for pneumonia. He was 97.

Artefacts Looted From Ethiopia 150 Years Ago Withdrawn From Uk Auction After Ethiopia’s Appeal

Two artefacts that were stolen during colonial-era looting by British forces in Ethiopia have been withdrawn from auction after the Ethiopian government appealed in a letter.

World’s Third Largest Diamond Discovered in Botswana

The diamond firm Debswana has announced the discovery in Botswana of a 1,098-carat stone that it described as the third largest of its kind in the world.

The Earliest Obtainable Map of the Whole Continent of Africa

Mapped by Sebastian Münster, the map below is the earliest obtainable map of the whole continent of Africa. The map was published in the 1552 edition of Sebastian Münster’s Cosmographia.

More Articles Like This