21 March 2017, Sweetcrude, Lagos – The World Bank Group says it has approved $57 billion for Nigeria and other sub-Saharan African countries to shore up investment and accelerate growth for the next three years.
It said in statement in Abuja that the group’s president, Jim Yong Kim, announced the approval on Monday before leaving for a trip to Rwanda and Tanzania, saying the amount was aimed at emphasising the Bank’s support for the entire region.
The announcement followed a meeting with G20 finance ministers and central bank governors.
Specifically, it said the fund will go to scale up investments and de-risk private sector participation for accelerated growth and development in the region.
It was learnt that $45 billion of the approved sum will come from the International Development Association, IDA – the World Bank’s special fund for the world’s poorest nations while about $8 billion from the International Finance Corporation, IFC – the private sector arm of the bank.
About $4 billion would come from the International Bank for Reconstruction and Development – the World Bank Group’s non-concessional public sector arm.
Sixty per cent of the IDA financing is expected to go to sub-Saharan Africa, home to more than half of the countries eligible for the 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,” Kim said.
He added: “With this commitment, we will work with our clients to substantially expand programmes in education, basic health services, clean water and sanitation, agriculture, business climate, infrastructure, and institutional reform.
“This financing will help African countries continue to grow, create opportunities for their citizens, and build resilience to shocks and crises.”