The World Bank has unveiled a new $100 billion financing package aimed at supporting the world’s poorest nations, with Africa expected to receive 70% of the funds.
The initiative comes at a time when traditional aid to the continent is steadily declining.
The Bank’s Senior Managing Director, Axel Van Trotsenburg confirmed the institution’s commitment to the continent, telling Bloomberg, “We have been very clear that the Bank remains strongly committed to Africa.”
The new funding is a significant development, especially as recent data show decreasing aid trends. According to preliminary figures from the Organisation for Economic Co-operation and Development, foreign aid to Africa from its member nations fell by 1% last year to $42 billion.
Aid flows to the continent are expected to shrink further, with the United States reducing funding under President Donald Trump and European nations diverting resources to defence.