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World Bank to invest in the development of the continent
- Plans to invest at least $150 billion
- Africa to benefit from funding in the next five years
The President of the World Bank, David Malpass, has stated the intent of the World Bank to invest in the development of Africa in the next five years. Mr. Malpass made this known at the just-concluded Summit on Financing African Economies, which held in Paris, France. In attendance at the Summit was Nigeria’s President Muhammadu Buhari.
Mr. Malpass disclosed the plans of the World Bank to invest an additional $150 billion to support development in Africa. He added that the key to further investments on the continent remains transparency and debt sustainability. “Debt sustainability and transparency will also be vital in attracting new financing and investment”, he said.
The World Bank will channel plans to achieve development through the mobilisation of the private sector. “In addition to IDA, another important part of our support to Africa will be mobilisation of the private sector, either directly through IFC (International Finance Corporation) and MIGA (Multilateral Investment Guarantee Agency) mobilisations or indirectly through the mobilisation of funding by IDA and IBRD (International Bank for Reconstruction and Development) on capital markets”, Malpass stated.
Also in attendance at the Summit were African Heads of Government, the International Monetary Fund (IMF).