The World Bank has pledged tens of billions of dollars in financing for the development of nations in sub-Saharan Africa. The money is to go toward selected investment projects to strengthen regional economies.
World Bank President Jim Yong Kim said a record $57 billion (53 billion euros) would be made available for financing a vast number of projects in sub-Saharan Africa over the next three fiscal years.
He pointed out that the bulk of the resources (some $45 billion) would come from the lender's special fund for the poorest nations, the International Development Association (IDA).
Kim said the funding would be available from July 1, 2017, to June 30, 2020, adding that the substantial shot in the arm would hopefully make a difference for the target region.
"This represents an unprecedented opportunity to change the development trajectory of the countries in the region," he said in a statement.
"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."
Analysts said the fresh financing would be critical with a view to helping sub-Saharan Africa reach its potential. Huge individual investment programs are also to focus on tackling conflict, climate change and gender inequality.
"The financing will help African countries to continue to grow, crate opportunities for their citizens and build resilience to shocks and crises," Kim said.
hg/jd (dpa, AFP)