By Ejidiah Wangui
NAIROBI (Xinhua) --
The World Bank has committed 57 billion U.S
dollars to development projects in Sub-Saharan Africa in the
next three fiscal years, said a press release from the Bretton
Woods Institution on Monday.
Jim Yong Kim, World Bank
Group President said the funds will support implementation of
projects that transforms the livelihoods of communities in the
world’s second largest continent.
Kim who is currently on a trip to Rwanda and Tanzania to
emphasize the World Bank’s support for the entire region
including Kenya, said the bulk of the financing (45 billion U.S
dollars) will come from the International Development
Association (IDA), the lender’ special fund for the poorest
He said the funds will cover health, education, and
infrastructure projects such as expanding water distribution and
access to power.
Kim indicated that while much of the estimated 45 billion U.S
dollars in IDA financing will be dedicated to country-specific
programs, significant amounts will be available through special
"windows" to finance regional initiatives and transformative
projects, support refugees and their host communities, and help
countries in the aftermath of crises.
"This represents an unprecedented opportunity to change the
development trajectory of the countries in the region," Kim
Expected IDA outcomes include essential health and nutrition
services for up to 400 million people, access to improved water
sources for up to 45 million, and 5 gigawatts (GW) of additional
generation capacity for renewable energy.
The scaled-up IDA financing will build on a portfolio of 448
ongoing projects in Africa totaling to about 50 billion U.S
Of this, a 1.6 billion U.S dollars financing package is being
developed to tackle the imminent famine threat in parts of
The financing for Sub-Saharan Africa also will include an
estimated 8 billion U.S dollars in private sector investments
from the International Finance Corporation (IFC), a private
sector arm of the Bank Group, and 4 billion U.S. dollars from
the International Bank for Reconstruction and Development, the
bank’s unit for middle-income nations.
"To support countries’ development priorities, scaled-up
investments will focus on tackling conflict, fragility, and
violence; building resilience to crises including forced
displacement, climate change and pandemics, and reducing gender
"Efforts will also promote governance and institution
building, as well as jobs and economic transformation," Kim
The funding is expected to be rolled out from July 1 this
year to June 30, 2020.