57 billion funding package for Africa

The World Bank  announced on  21 March 2017 a $57 billion financing package for sub-Saharan Africa over the next three years.

According to the World Bank communication department, the money is meant to benefit several countries including Ethiopia,Rwanda,Kenya, Uganda,Tanzania, , Burundi, the DR Congo,and South Sudan and the funding package will become available from July 1, 2017, to June 30, 2020.

The World Bank’s chief Jim Yong Kim said ,”The funds will be directed towards expansion of programs in a number of sectors including agriculture, business, climate, clean water and sanitation.”

Mr Kim will soon visit Rwanda and Tanzania and hopes that the funds will improve on the lives of the people in the receiving countries.

International Finance Corporation (IFC) is also reportedly to provide $ 8 billion for private sector investment and the International Bank for Reconstruction and Development will give $4 billion, while $45 billion will come from the International Development Association (IDA).

During the three years, the private sector investment is to prioritize infrastructure, financial markets and agribusiness. The IFC is also expected to deepen its engagement in fragile and conflict-affected states and increase climate-related investments.

IDA financing will build on a portfolio of 448 ongoing projects in Africa totaling about $50 billion. Of this, a $1.6 billion financing package is being developed to tackle the impending threat of famine in parts of sub-Saharan Africa and other regions.

 

Godfrey Olukya

 

 

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