48 African Countries get $50 Billion from World Bank

indafrica July 2, 2020
Updated 2020/07/02 at 9:37 AM

The World Bank said Wednesday it will lend 5.3 trillion Kenyan shillings (about 50 billion U.S. dollars) to 48 countries in Sub-Saharan Africa this year.

The Bank said the loan is significantly more than any other region and making up about one-third of the Bank’s entire portfolio.

“These financing volumes are almost double what the region delivered ten years ago,” the lender said in a statement.

The Bank’s portfolio includes projects and programs in areas such as agriculture, trade and transport, energy, education, health, water and sanitation.

The Bank said its Sub-Saharan Africa regional portfolio will now be managed by two vice presidents, covering Western and Central as well as Eastern and Southern Africa, respectively.

The institution announced the change in early 2020, which took effect on Wednesday.

The region has been led since 2018 by Hafez Ghanem, who now takes on the role of vice president for Eastern and Southern Africa while Ousmane Diagana will be in charge of Western and Central Africa.

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