Africa received a record $5.7 billion from the International Development Association during the last fiscal year, which ended on June 30. The funds were $1 billion more than last year’s budget, and were supplemented with $1.64 billion in financing by the International Finance Corporation, the World Bank’s private sector arm. “We are now seeing increases in African countries’ per capita income consistent with those of other developing countries, and African countries have made great strides in expanding access to health and education,” said World Bank vice president for Africa Obiageli Ezekwesili. The continent is presently the World Bank’s highest development priority, and is in its third year of economic progress at levels higher than 5 percent.
Source: World Bank gave $5.7bn to Africa (Sunday Times-South Africa)