Gatekeepers News reports that the World Bank has revealed its plans to invest and mobilize $150 billion to strengthen Africa’s growth over the next five years.
World Bank Group’s president, David Malpass disclosed this on Tuesday at the Summit on Financing African Economies.
He explained that debt sustainability and transparency will be essential in enticing new financing and investment.
A statement seen by Gatekeepers News on the Bank’s site quoted the World Bank President as saying: “Africa is full of investment opportunities that can attract private enterprises and investors from around the world. This is why World Bank Group is using all possible resources, financing tools, and dedicated staff across the continent to improve African lives and business prospects.”
Gatekeepers News reports that some of the initiatives Malpass discussed with French President Emmanuel Macron include; closing the infrastructure gap and improving access to low-carbon electricity.
He added: “Second, IFC has doubled our trade finance. To continue this effort, we’re announcing that IFC and MIGA are about to launch a joint trade finance initiative in selected African countries.
“Third, we’re working to expand alternative small-business finance. And fourth, to support agribusiness activities, we’re proposing a 3-year pilot for a user-friendly blended finance facility.”
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