World Bank plans to invest $150bn in Africa next 5 years

 

David Malpaas, President, World Bank Group


 

The President of World Bank Group, David Malpass, has disclosed that the bank plans to invest $150 billion in Africa within the next five years towards to help foster economic development of the continent.

 

With about $200 billion invested in Africa over the decade by World Bank, Malpass re-affirmed the bank’s commitment at the Summit on Financing African Economies, held in Paris, France.

 

He said that an additional $150 billion will be invested in Africa within the next five years.

 

“Over the past decade, the World Bank Group has invested $200 billion in Africa, and over just the next five years, we intend to invest and mobilize another $150 billion to support the continent’s development.”

 

He further stated that the fund would be made available through grants and long-term, zero-interest-rate loans from the International Development Agency.

 

“A large portion of this will be through grants and long-term, zero-interest-rate loans from IDA, which continues to provide strong positive net flows to Africa.”

 

Malpass emphasised the essence of debt sustainability and transparency, which is fundamental in the disbursement of the additional $150 billion.

 

 

 

 

 

 

 

 

 

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