- Category: Broadcast News
- Published on Monday, 20 March 2017 13:16
The World Bank has announced that it will commit a record $57 billion in financing for sub-Saharan Africa.
Africanews reports that according to World Bank Group president, Jim Yong Kim, the funds will go towards a vast number of projects over the next three fiscal years. Kim pointed out that the bulk of the resources about $45 billion, will come from the lender’s special fund for the poorest nations at the International Development Association, and said that “this represents an unprecedented opportunity to change the development trajectory of the countries in the region”. Analysts have welcomed the fresh financing saying it will be critical with a view to help sub-Saharan African countries reach their full potential as they tackle conflict, climate change and gender inequality. The funding is expected to be rolled out from July 1 this year to June 30 2020.