The World Bank has committed to invest and mobilise $150 billion to Africa’s development over the next five years.
Vaccines, debt, inequality, transparency & investment are core challenges the continent suffers from.
David Malpass, World Bank’s president who made this known at a session of the Financing African Summit in Paris says the pledge made is to close the infrastructure gap and improve access to low-carbon electricity, enhance trade finance, expand alternative small-business finance and support agribusiness activities.
A large portion of funds will be “through grants and long-term, zero interest-rate loans from IDA, which continues to provide strong positive net flows to Africa,” the World Bank Chief said.
World Bank Group is using all possible resources, financing tools, and dedicated staff across the continent to improve business prospects in the continent that is “full of investment opportunities that can attract private enterprises and investors from around the world,” Malpass added.