About $57 billion in financing has been announced by the World Bank for sub-Saharan Africa for the period of next three fiscal years.
It is learned out of the total assured the International Development Association will be supporting with $45 billion. It will support 448 projects too which are underway in the region.
The association is World Bank fund and has been providing interest-free loans and grants to the poorest countries of the world.
About $8 billion will come from private sector branch of the bank, the International Finance Corporation, and $4 billion from its unit for middle-income nations, Reconstruction and Development.
In the G20 countries meet on Friday and Saturday in Germany “Compact with Africa” named partnership has been decided to be prioritized in the presidency of Jim Yong Kim.
Only South Africa from the continent is a member of G20.
World Bank President Jim Yong Kim said, “This represents an unprecedented opportunity to change the development trajectory of the countries in the region.”
He further added the World Bank will work with its clients in the expansion of programs in several sectors like health, education, water, sanitation, business climate, agriculture, institutional reform and infrastructure.
The president left for two African countries, Tanzania and Rwanda, following the wrap-up of the two-day G20 meet in a show of support for the continent.
More than half of the continent is in need of support from World Bank, its wings and other institutions. Countries like Somalia has been hit by worst drought in recent years.