Financial Aide Sub-Saharan Africa to receive $ 57bn from World Bank

The World Bank said that the financing which amounts to 45 billion dollars, will come from the International Development Association (IDA), the World Bank Group’s fund for the poorest countries.

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The World Bank has committed 1.6 dollars to prevent famine in Sub-Saharan African countries that are facing threats of food shortage.

This was revealed by the President of the World Bank Group, Jim Young Kim at a meeting with G20 finance ministers and central bank governors.

This follows a previous commitment of a record 57 billion dollars from the World Bank to support key developmental projects in Sub-Saharan Africa over the next three years.

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The World Bank said that the financing which amounts to 45 billion dollars, will come from the International Development Association (IDA), the World Bank Group’s fund for the poorest countries.

Also, sixty percent of the IDA financing is expected to go to Sub-Saharan Africa, home to more than half of the countries eligible for IDA financing. This funding is available for the period known as IDA18, which runs from July 1, 2017, to June 30, 2020.

“This represents an unprecedented opportunity to change the development trajectory of the countries in the region,” President Jim YongKim said.

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“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,” he added.

The World Bank added that the IDA financing for operations in Africa is very critical in addressing roadblocks that prevent the region from reaching its potential.

“This financing will help African countries continue to grow, create opportunities for their citizens, and build resilience to shocks and crises,” Kim said.

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