World Bank investments in Africa hit $38bn

The World Bank Group announced it has invested $38 billion in Africa this year, part of its total global commitment of $117.5 billion for 2024.

This funding, detailed in the bank’s 2024 Annual Report, aims to help Africa fight poverty, tackle climate change, and boost economic growth. The report covers achievements through December 31, 2023, with more updates expected during the ongoing IMF-World Bank Group Annual Meetings.

The bank is providing this support through various methods, including loans, grants, investments in businesses, and financial guarantees to both African governments and private companies.

Notably, Africa received the largest share of the global funding at $38 billion. Europe and Central Asia received $24.7 billion, while Latin America and the Caribbean got $19.4 billion for economic recovery and environmental projects. East Asia and the Pacific received $12.5 billion to support growth and climate adaptation. South Asia was given $15.9 billion for fighting poverty and stabilising their economies, while the Middle East and North Africa received $6.5 billion to help with conflicts and economic challenges. An additional $0.4 billion went to programs that work across multiple regions.

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The report highlighted major achievements by the World Bank Group, including helping to feed 156 million people, improving education for 280 million students, providing clean water and sanitation to 59 million people, and supporting 287 million poor people with social protection programs.

World Bank President Ajay Banga announced a new vision for 2024, aiming to eliminate poverty while protecting the environment. He expressed urgency about current global challenges, including rising poverty, climate crisis, increasing government debt, food shortages, and uneven recovery from COVID-19.

“Rarely in our 80-year history has our work been more urgent. We face declining progress in our fight against poverty and mounting public debt, which necessitate immediate action,” Banga stated.

“To address these intertwined challenges, the World Bank is implementing reforms designed to enhance its partnership with governments, the private sector, and communities.”