World Bank Mobilises Record Support for Africa

August 2, 2013 — Leave a comment

world-bank-logoThe World Bank Group committed a record US$14,7 billion in the 2013 fiscal year to support economic growth and better development prospects in Africa despite uncertain economic conditions in the rest of the global economy.

“The continent has shown remarkable resilience in the face of a global recession and continues to grow strongly,” said Makhtar Diop, World Bank Vice President for the Africa Region. “Africa is at the centre of the World Bank Group 2030 goals of ending extreme poverty and promoting shared prosperity, in an environmentally, socially, and fiscally sustainable manner.”

The World Bank approved US$8,25 billion in new lending for nearly 100 projects for the 2013 fiscal year. These commitments include a record US$8,2 billion in zero-interest credits and grants from the International Development Association (IDA), the World Bank’s fund for the poorest countries. This is the highest level of new IDA commitments by any region in the Bank’s history.

International Finance Corporation’s (division of the World Bank) total commitment volume in Sub-Saharan Africa, including mobilisation, grew to a record US$5,3 billion, 34% more than the year before. Similarly, IFC’s spending on Advisory Services programmes in the region increased to more than US$65 million, about 30% of IFC’s total. Supporting developmentally beneficial foreign direct investment into Sub-Saharan Africa is a priority for the bank in 2013.

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