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World Bank investments in Africa hit $38bn –Report
The World Bank Group announced that its investments in Africa have reached $38 billion in 2024, contributing to a global commitment of $117.5bn.
It noted that the allocation was part of its continued efforts to support Africa’s development across multiple fronts, including poverty reduction, climate resilience, and economic growth.
This was disclosed in the bank’s 2024 Annual Report released recently, which detailed accomplishments up to December 31, 2023, with further updates expected at the ongoing 2024 IMF-World Bank Group Annual Meetings.
According to the bank, the funding is being provided through a mix of loans, grants, equity investments, and guarantees, extended to partner countries and private businesses across the continent.
The report obtained by The PUNCH indicated that Africa received the largest share of the total global fund, with $38bn directed toward infrastructure, health, and economic reforms.
Europe and Central Asia received $24.7bn, while Latin America and the Caribbean were allocated $19.4bn, each targeting economic recovery, social protection, and environmental sustainability.
East Asia and the Pacific received $12.5bn to support growth and climate adaptation efforts.
In South Asia, $15.9bn was directed toward poverty reduction and economic stability initiatives, while the Middle East and North Africa received $6.5bn for recovery efforts amid ongoing conflicts and economic challenges.
An additional $0.4bn was allocated to global programmes spanning multiple regions.
The report highlighted several development milestones achieved by the World Bank Group, including helping to feed 156 million people, improving education access for 280 million students, providing clean water, sanitation, and hygiene to 59 million people, and reaching 287 million people in poverty with effective social protection measures.
The President of the World Bank, Ajay Banga, said the group unveiled a new vision for 2024, aiming for a world free of poverty on a livable planet amid growing global challenges.
He emphasised the urgency of the bank’s mission, noting declining progress in poverty alleviation, an existential climate crisis, rising public debt, food insecurity, and an unequal recovery from the COVID-19 pandemic.
“Rarely in our 80-year history has our work been more urgent. We face declining progress in our fight against poverty and mounting public debt, which necessitate immediate action.
“To address these intertwined challenges, the World Bank is implementing reforms designed to enhance its partnership with governments, the private sector, and communities,” Banga.
He outlined the bank’s commitment to not only provide financial assistance but also to improve knowledge sharing through the introduction of the “Knowledge Compact for Action”, which aimed to make the bank’s development expertise more accessible to both public and private sector clients.
Additionally, the World Bank has reorganised its global practices into five Vice Presidency units—people, prosperity, planet, infrastructure, and digital.
The restructuring sought to create a more efficient organization that could effectively confront pressing global development issues, he stated.
