World Bank Group President announces a record $57b in financing for Sub-Saharan African countries

Following a meeting with G20 finance ministers and central bank governors, World Bank Group President Jim Yong Kim has announced a record $57 billion in financing for Sub-Saharan African countries over the next three fiscal years.

In a statement Kim says the bulk of the financing – $45 billion – will come from the International Development Association, the World Bank Group’s fund for the poorest countries.

The financing for Sub-Saharan Africa also will include an estimated $8 billion in private sector investments from the International Finance Corporation, a private sector arm of the Bank Group, and $4 billion in financing from International Bank for Reconstruction and Development, its non-concessional public sector arm.

Kim adds that 60% of the IDA financing is expected to go to Sub-Saharan Africa, home to more than half of the countries eligible for IDA financing which is available for the period known as IDA18, which runs from July 1, 2017, to June 30, 2020.