Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, is seeking more concessional funding from the World Bank Group, for Africa to address its development challenges.
Edun, who is Chair of African Governors Forum of the World Bank, advocated this at a roundtable for economic transformation in West and Central Africa.
The roundtable was aimed at providing a forum for World Bank governors to discuss how to make progress on ambitious priorities for development in the region, how the ongoing World Bank evolution could help accelerate this progress, and how governors could engage and support an ambitious financing and policy package for IDA21.
The forum had in attendance ministers of finance from the two sub-regions and top officials of the World Bank Group, among others.
Edun’s call for more concessional financing came as the World Bank announced that it had earmarked $44 billion for Africa, stating that its funding in the region had risen from $2 billion in 2000 to $28 billion currently.
The minister, while admitting that the Bank had rendered enormous support to the region in terms of financing and other spheres, demanded more from the bank and its affiliates, like the International Development Association (IDA).
“I can say, yes, we benefit from the funding that the bank has, but I must say here that we are looking forward to substantial replenishment, which provides us additional concessional financing.”
African countries, he submitted, were determined to work with the World Bank in their effort to grow their economies, and by so doing, enhance the standard of living of their people.
In her remarks at the meeting, World Bank Managing Director of Operations, Ms. Anna Bjerde, disclosed that the group had increased funding for Africa from about $2 billion in 2000 to $10 billion in 2010, and $28 billion this year.
Bjerde disclosed that more funding would be provided through specialised windows towards prevention of conflict as well as to support regional integration.
She explained that the new levels of financing underscored the bank’s commitment to growth in Africa, with financing to Sub-Saharan Africa growing.
Hauwa Abu
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