World Bank announces 57 billion US dollar for sub-Saharan Africa

World Bank has announced 57 billion US dollar financing for sub-Saharan Africa over the next three fiscal years. Of that total, 45 billion dollar will come from the International Development Association, the World Bank fund that provides grants and interest-free loans for the world’s poorest countries.

World Bank President Jim Yong Kim in a statement yesterday said the package will also feature an estimated 8 billion dollar in private sector investments from the International Finance Corporation, a private-sector branch of the World Bank, and 4 billion dollar will come from the International Bank for Reconstruction and Development, the bank’s unit for middle-income nations.