Over the next five years, the World Bank Group has revealed plans to invest and mobilize $150 billion to support Africa’s growth.
However, a large portion of the fund will be through grants and long-term, zero-interest-rate loans from the International Development Association (IDA) of which Nigeria is eligible.
This was disclosed by World Bank Group’s president, David Malpass at the Summit on Financing African Economies.
The remark which was made on Tuesday, and posted on the world Bank website, however, noted that debt sustainability, and transparency will be vital in attracting new financing and investment.
“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,” he said.
Malpass also highlighted some initiatives he discussed with French President Emmanuel Macron to include, closing the infrastructure gap and improving access to low-carbon electricity.
“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, “he added.