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The World Bank Group’s loans, grants, equity investments and guarantees to partner countries and private businesses show a key strategy for African.
Recently, the World Bank released some areas to focus in Africa which includes developing agricultural productivity, increasing access to affordable and reliable energy, building resilience to climate change, promoting regional integration and boosting human capital
It’s annual report showed that in 2018, $19.8 billion went to sub-Saharan African countries with an increase of about 8.1 per cent compared to $62 billion naira in 2017.
In line with its mission to end extreme poverty by 2030, the World Bank Group committed N58.19 billion, N59.77 billion and N64.185 billion to its partner countries in 2014, 2015 and 2016 respectively.
Marking its 30th year of operation Multilateral Investment Guarantee Agency (MIGA) has become the third leading institution among the MDBs in term of mobilizing direct private capital to low and middle-income countries.
The World Bank approved $16.5 billion in leading to African region for 138 projects in fiscal 2018, including $1.1 billion in International Bank for Reconstruction and Development (IBRD) loans and $15.4 billion in International Development Association (IDA) commitments Revenue from Reimbursable Advisory Services agreements with nine countries was $7.5 million.
The international community is racing to achieve the sustainable development goals in less than 12 years, with trillion of dollars needed to deliver on the promise.