WB pledges more funding to Africa
PANA

World Bank's President, Robert Zoellick, on Mon day announced that African countries would receive more funding from the Bank in the years to come.

However, he indicated that millions of people in the continent would go to pover ty in the current year as a result of the global economic meltdown that has besi eged the world since 2008.

"Commitments to Africa will be increased by at least US $ 1 5 billion over the next two to three years," Zoellick told African leaders gathered in Addis Abab a, Ethiopia, for their annual assembly which kicked off Sunday.

According to the President, World Bank global lending for agriculture increased from an annual average of US$ 4.1 billion in 2006-08 to US $ 7.2 billion last year.

The largest chunk of the Bank's International Development Association (IDA) le nding in agriculture went to Africa, reaching US $ 1.7 billion last year.

The President also stated that the following months would see more funding from the Bank to Africa under its new arrangement to different regions of the world.

"Next months, we are expecting a first close on a US$ 500 million sub-Saharan Africa, Latin America, and Caribbean Fund that will take equity positions in com panies in these regions, and a US$ 200 million Africa Capitalization Fund that wi ll invest in systemically important banks."

The World Bank is also working to make Climate Investment Funds more attractive to Africa.

"As developed countries consider low carbon investments and funds to support a daptation, the World Bank needs to use its global reach and experience to connec t Africa to these opportunities," he said.

"I hope we are now on a path to global recovery," he told the African leaders. " But we still face considerable risks in 2010 and we have to repair the damage do ne by the crisis. It has a human face."

According to him, an estimated 64 million people worldwide will fall into extrem e poverty because of the crisis and an additional 30,000 to 50,000 babies may di e in sub-Saharan Africa.

However, Zoellick said the bank would use its direct subsidy schemes to mitigate poverty for those who the most vulnerable.

World Bank projects in Africa range from fertiliser procurement in Ethiopia to j ob programmes in Sierra Leone.

The Washington-based institution invested US$ 3.6 billion in the infrastructure of sub-Saharan Africa last year.

Malawian President Mbingu wa Mutharika, president elect of the AU, earlier pledg ed to push for a continental food security agenda during his year-long leadershi p of the 53-nation bloc. 

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