World Bank strengthens presence in Africa
Second vice-president appointed to region to help “align resources with priorities”
The World Bank will lend more than $50 billion to sub-Saharan Africa this year as it bolsters its presence on the continent.
The amount being loaned equates to a third of the World Bank’s entire portfolio and is “significantly more” than any other region will receive this year, according to a statement.
“These financing volumes are almost double what the region delivered 10 years ago,” the World Bank says. Its lending will be divided among 48 countries.
Funding will be allocated to projects
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