World Bank’s investments for sub-Saharan Africa rise to $14.7b in 2013

world-bankFinancial commitments by the World Bank Group to sub-Saharan Africa rose by $2.5 billion in the 2013 fiscal year to a record high $14.7 billion.

According to the Group, its International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA) credits, grants, and guarantees to the region increased by $800 million from the previous year to $8.25 billion.

Its preliminary and unaudited data released July 23, 2013 showed that the International Finance Corporation (IFC) committed a record of nearly $5 billion for private sector development projects in sub-Saharan Africa.

About $1.5 billion political risk guarantees were issued by the Bank’s Multilateral Investment Guarantee Agency (MIGA) for projects in the region during the fiscal year which ended June 30, 2013.

On developing countries, the World Bank’s support was worth $52.6 billion during the fiscal year.

The data shows that IDA commitments during FY13 reached a record $16.3 billion, IBRD’s commitments totaled $15.2 billion while IFC investments were nearly $25 billion.

World Bank’s commitment to developing countries in FY13

The Bank Group’s political risk insurance arm, MIGA, issued $2.8 billion in guarantees during the fiscal year.

Despite the slowly recovering global economy, the World Bank Group indicated that it supported an estimated 1,956 operations across all sectors such as governance, infrastructure, human development and the private sector.

“The Bank’s performance has been strong during my first year as President, and we are well positioned to address the economic challenges developing countries face during these still uncertain times,” said World Bank Group President Jim Yong Kim.

Dr Kim hinted that the World Bank is modernizing and it is developing a new strategy which will use new goals to galvanize development efforts and deliver transformational development solutions to countries.

By Ekow Quandzie

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