Corporate News
WB says regional ties key to Africa’s economic growth
Potato traders. Africa needs to invest in irrigation to promote agriculture and help spur growth. File
Posted Monday, January 25 2010 at 19:02
Statistics showed that over 2009, the World Bank Group, which supports Africa mainly through the International Development Association (IDA) and International Finance Corporation (IFC), committed about $9.2billion to Africa. IDA, which provides grants and low-interest loans to the world’s 79 poorest countries, half of which are in Africa, committed $7.8 billion to sub-Saharan African countries in 2009, a 36 per cent increase over the previous year.
The Bank’s private sector arm, IFC, which provides investments and advisory services to build the private sector in developing countries, has seen its commitments in Africa grow from $445 million in 2005 to $1.82 billion in 2009.
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I hate the way when Africans come up with a good idea, World Bank and other Westerners are quick to say something and it ends up looking like they came up with the idea. Or at least the media can make it look like so.
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