World Bank Africa support up to $5.8b
Sep 08, 2007
THE World Bank increased financial support to sub-Saharan Africa during the last fiscal year ending June 30, with $5.8b disbursed through its lending arm, the International Development Association (IDA).
By Sylvia Juuko
THE World Bank increased financial support to sub-Saharan Africa during the last fiscal year ending June 30, with $5.8b disbursed through its lending arm, the International Development Association (IDA).
In a statement dated September 4, the bank said the $5.8b was $1b more than in the previous year.
This was in addition to $1.38b provided by its private sector arm the International Finance Corporation (IFC), and an additional $261m in financing through syndications.
The bank reported that lending reflected its increased commitment to expanding investment in infrastructure particularly electricity generation that is badly needed to sustain healthy growth in the higher-performing economies, and to raise productivity in slow-growth countries.
The bank committed $2.4b of IDA funds to infrastructure projects, of which $660m was lending for the energy and mining sectors while $870m was lent to the transport sector.
“Uganda, where power shortages have constrained social and economic development, will benefit from a package of $360m in loans and guarantees to support 250MW of additional generating capacity, and a more reliable and efficient power system.â€
Regional projects, which are an emerging priority for Africa, accounted for a record $707m for the year.
“By helping to integrate Africa’s small, fragmented economies, these projects are critical to establishing an enlarged economic space for the region, while providing critical links for economically vulnerable landlocked countries.â€
THE World Bank increased financial support to sub-Saharan Africa during the last fiscal year ending June 30, with $5.8b disbursed through its lending arm, the International Development Association (IDA).
In a statement dated September 4, the bank said the $5.8b was $1b more than in the previous year.
This was in addition to $1.38b provided by its private sector arm the International Finance Corporation (IFC), and an additional $261m in financing through syndications.
The bank reported that lending reflected its increased commitment to expanding investment in infrastructure particularly electricity generation that is badly needed to sustain healthy growth in the higher-performing economies, and to raise productivity in slow-growth countries.
The bank committed $2.4b of IDA funds to infrastructure projects, of which $660m was lending for the energy and mining sectors while $870m was lent to the transport sector.
“Uganda, where power shortages have constrained social and economic development, will benefit from a package of $360m in loans and guarantees to support 250MW of additional generating capacity, and a more reliable and efficient power system.â€
Regional projects, which are an emerging priority for Africa, accounted for a record $707m for the year.
“By helping to integrate Africa’s small, fragmented economies, these projects are critical to establishing an enlarged economic space for the region, while providing critical links for economically vulnerable landlocked countries.â€