World Bank brings Asia’s economic approach to Africa

The World Bank has taken new steps to help Africa countries transform their economies just as the Asian’s did 30 years ago.

The World Bank says this new approach is to respond to the enormous opportunities that the continent provides in order to improve the lives of Africans.

According to a press release from the Bank the plan has been approved by its Board of Executive Directors and it is to show the organisation’s continuing support for the continent.

Obiageli Ezekwesili, Vice President of the World Bank for Africa Region said the plan is also to help countries to attain the Millennium Development Goals by 2015.

“In implementing the strategy, the World Bank Group shall remain fruitfully engaged with citizens as they demand greater participation in the benefits of improved economic performance, deploy our partnerships, knowledge and finance to work with governments, private sector, civil society and other partners and help countries to speed up the attainment of the MDGs, expand economic prosperity and reduce poverty”, Ezekwesili said.

Laid out in three main business lines, the program, according to the World Bank   was crafted over more than a year through extensive research and international consultations, especially with the people of Africa and it shifts from a more general focus on seeking economic stability and sound fundamentals to emphasize the need for attention in three key areas.

The key areas are competitiveness and employment, vulnerability and resilience and as well as governance and public sector capacity.

By Ekow Quandzie

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