A Review of the Nigerian Energy Industry

World Bank seeks $135bn for African projects

04 September 2015, Abuja – The World Bank has asked for the support of members of the African Caucus, in order to raise funds to replenish the International Development Association.

The Bank’s Vice-President for Development Finance, Mr. Joachim Von Amsberg, made this request in order to enable the Bank to finance development in an intelligent fashion.

World Bank headquarters.
World Bank headquarters.

Amsberg said the Bank needed to mobilise about $135bn in Official Development Assistance, noting that the amount would attract and leverage new public and private investments.

“We have a large portfolio, a series of projects in preparation that will drive private investment. These are projects for which there is great demand and we are seeking to mobilise possible resources.

“There is the Ebola problem, floods in Malawi and the earthquake in Nepal as well, which is why the response budget for three years was already exhausted in the first year,” Amsberg said as he made a case for funding options for ODA.

“The record ODA replenishment of $52.1bn aims to maximise impact on development by leveraging public and private resources, in addition to knowledge, with solid results and efficiency at a low cost,” Amsberg added.

Arguing that the demand for regional projects in Africa remains large, while most resources are committed to regional infrastructure projects, he said that, “The strong replenishment of ODA and financial innovations are crucial to fulfilling the agenda for transformation in Africa.”


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