World Bank Group Announces Record $57 Billion for Sub-Saharan Africa

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The World Bank Group President Jim Yong Kim announced a record $57 billion in financing for Sub-Saharan African countries over the next three fiscal years in March 2017. The bulk of the financing – $45 billion – 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 $8 billion in private sector investments from the International Finance Corporation (IFC), a private sector arm of the Bank Group, and $4 billion in financing from International Bank for Reconstruction and Development, its non-concessional public sector arm.

“This represents an unprecedented opportunity to change the development trajectory of the countries in the region,” World Bank Group President Jim Yong Kim said. “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. This financing will help African countries continue to grow, create opportunities for their citizens, and build resilience to shocks and crises.

Cross posted from the World Bank (Picture Source: United Nations University)

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