The World Bank Group President, Mr Jim Kim said the
bank would be investing 57 billion dollars to accelerate growth and development
In Sub-Saharan African countries over the next three years.
In a statement released
to Nigerian journalist by the Senior Communications Officer, World Bank
Nigeria, Mrs Olufunke Olufon, on Monday in Abuja, Kim said the money would be
raised by three subsidiaries of the group.
According to Kim, the
funding will run from July 1, 2017, to June 30, 2020.
“The bulk of the
financing, 45 billion dollars will come from the International Development
Association (IDA), the World Bank Group’s fund for the poorest countries.
“The financing for
Sub-Saharan Africa also will include an estimated eight billion dollars in
private sector investments from the International Finance Corporation (IFC), a
private sector arm of the Bank Group.
“Four billion dollars
in financing will come from the International Bank for Reconstruction and
Development, its non-concessional public sector arm,” he said.
Kim said the move
presented an opportunity to change the development trajectory of the countries
in the region, including Nigeria.
“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.
“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.
“This financing will
help African countries continue to grow, create opportunities for their
citizens, and build resilience to shocks and crises,” he said.
Kim said that much of
the estimated 45 billion dollars from IDA, would be dedicated to
country-specific programs.
He explained that
significant amount would be available to finance regional initiatives, support
refugees and their host communities, and help countries in the aftermath of
crises.
He said this would be
complemented by a newly established Private Sector Window (PSW) for Africa,
because many sound investments go untapped due to lack of capital and perceived
risks.
He said the PSW will
supplement existing instruments of IFC and the Group’s arm that offers
political risk insurance and credit enhancement to spur sound investments
through de-risking, blended finance, and local currency lending.
“This World Bank Group
financing will support transformational projects during the 2018 to 2020
financial period.
“The IBRD priorities
will include health, education, and infrastructure projects such as expanding
water distribution and access to power.
“The priorities for the
private sector investment will include infrastructure, financial markets, and
agribusiness.
“IFC also will deepen
its engagement in fragile and conflict-affected states and increase
climate-related investments.
“Expected IDA outcomes
include essential health and nutrition services for up to 400 million people,
access to improved water sources for up to 45 million, and 5GW of additional
generation capacity for renewable energy.”
Kim said the IDA
financing would build on a portfolio of 448 ongoing projects in Africa totaling
about 50 billion dollars.
On this, he said a 1.6
billion dollars financing package was being developed to tackle the impending
threat of famine in parts of Sub-Saharan Africa and other regions.
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