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Africa biggest recipient of World Bank cash last year
2008-09-22 10:07:26
By Guardian Reporter
Africa received highest level of support from the World Bank last year, with total commitments from the Bank reaching USD34.3 billion.
The World Bank Group said Friday in a statement that assistance to the poor nations in its 2008 fiscal year has reach USD 38.2 billion showing an increase of 11 percent from the previous year.
The amount, the bank said, was committed to helping these countries in addressing food crisis and also helping in job creation in the area of private sector.
The assistance was made in the form of loans, grants, equity investments and guarantees to assist people and private businesses in its member countries.
The funding, up by USD3.9 billion from fiscal year 2007 is being used in 694 projects, designed to overcome poverty and boost growth through practical plans to enhance the business and investment environment and empower poor people.
``In a year that saw rising food and fuel prices become the harsh new reality, the USD38.2 billion provided by the World Bank Group to developing countries helps create development solutions so people can have the opportunity and means to improve their lives``, said World Bank Group President Robert B. Zoellick.
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