Sub- Saharan countries facing threats of famine in the near future could heave a sigh of relief as the World Bank commits 1.6 billion dollars to avert the crisis.<\/p>\n
[contextly_sidebar id=”22Zs2VS6Pbn7fVhHbOk0hXWOs5wHrVj6″]This comes on the back of a record 57 billion dollars from the World Bank to support key developmental projects in Sub-Saharan Africa over the next three years.<\/p>\n
President of the World Bank Group, Jim Young Kim revealed this at a meeting with G20 finance ministers and central bank governors.<\/p>\n
According to the World Bank, the\u00a0bulk of the financing which amounts to 45 billion dollars, will come from the International Development Association (IDA), the World Bank Group\u2019s fund for the poorest countries.<\/p>\n
Also, sixty percent\u00a0of the IDA financing is expected to go to Sub-Saharan Africa,\u00a0home to more than half of the countries\u00a0eligible\u00a0for IDA financing.\u00a0This funding\u00a0is available\u00a0for the period known as IDA18, which runs from\u00a0July 1, 2017, to June 30, 2020.<\/p>\n
\u201cThis represents an unprecedented opportunity to change the development trajectory of the countries in the region,\u201d\u00a0<\/em>President Jim YongKim\u00a0<\/strong>said.<\/p>\n \u00a0<\/em>\u201cWith 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,\u201d he added.<\/p>\n In the World Bank\u2019s view, the\u00a0IDA\u00a0financing for operations in Africa\u00a0will be\u00a0critical\u00a0to addressing\u00a0roadblocks that prevent the region from reaching its potential.<\/p>\n It will also support countries\u2019 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.<\/p>\n Efforts will also promote governance and institution building, as well as jobs and economic transformation.<\/p>\n \u201cThis financing will help African countries continue to grow, create opportunities for their citizens, and build resilience to shocks and crises,\u201d\u00a0Kim\u00a0said.<\/p>\n While much of the estimated $45 billion in IDA financing will be dedicated to country-specific programs, significant amounts will be available through special windows to finance regional initiatives and transformative projects, support refugees and their host communities, and help countries in the aftermath of crises<\/p>\n The priorities for the private sector investment will include infrastructure, financial markets, and agribusiness.<\/p>\n –<\/p>\n By: Anita Arthur\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":" Sub- Saharan countries facing threats of famine in the near future could heave a sigh of relief as the World Bank commits 1.6 billion dollars to avert the crisis. [contextly_sidebar id=”22Zs2VS6Pbn7fVhHbOk0hXWOs5wHrVj6″]This comes on the back of a record 57 billion dollars from the World Bank to support key developmental projects in Sub-Saharan Africa over the […]<\/p>\n","protected":false},"author":14,"featured_media":314469,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,11],"tags":[],"yoast_head":"\n