The World Bank has announced that it will commit a record $57 billion in financing for sub-Saharan Africa.
According World Bank Group president, Jim Yong Kim, the funds will go towards a vast number of projects over the next three fiscal years.
Kim pointed out that the bulk of the resources about $45 billion, will come from the lender’s special fund for the poorest nations the International Development association ( IDA).
“This represents an unprecedented opportunity to change the development trajectory of the countries in the region,” Kim said.
“With this commitment, we will work with our clients to substantially expand programmes in education, basic health services, clean water and sanitation, agriculture, business climate, infrastructure and institutional reform,” he added
The package will also feature an estimated $8 billion in private sector investments from the International Finance Corporation, the Bank’s private sector arm and $4 billion will be from the Bank’s unit for middle-income nations.
Analysts have welcomed the fresh financing saying it will be critical with a view to help sub-Saharan African countries reach their full potential as they tackle conflict, climate change and gender inequality.
The funding is expected to be rolled out from July 1 this year to June 30, 2020.