World Bank commits $57 billion to sub-Saharan Africa, Nigeria included
The World Bank plans to commit $57 billion in investment in Nigeria and 52 other countries in the sub-Saharan African region for the next three years.
According to the institution, $45 billion will come from the International Development Association (IDA), while an estimated $8 billion which is to injected in private sector will come from the International Finance Corporation (IFC). The remaining $4 billion will come from the International Bank for Reconstruction and Development.
“In December, development partners agreed to a record $75 billion for IDA, a dramatic increase based on an innovative move to blend donor contributions to IDA with World Bank Group internal resources, and with funds raised through capital markets. Sixty percent of the IDA financing is expected to go to Sub-Saharan Africa. This funding is available for the period known as IDA18, which runs from July 1, 2017, to June 30, 2020,” it said.
Speaking on the development, World Bank Group’s President Jim Yong Kim (photo), said the investment is an unprecedented opportunity aimed at changing the development path of the countries in the region. “With this commitment, we will expand programmes 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 the roadblocks that prevent the region from reaching its potential,” Kim said.