World Bank Invests Record $38 Billion in Africa
The World Bank Group has committed a substantial $38 billion to support Africa in 2024, marking the continent’s largest allocation from the institution’s $117.5 billion global investment budget. Outlined in its recently published Annual Report, the World Bank detailed how these funds will be directed towards poverty reduction, climate resilience, and economic expansion across Africa, with continued updates expected at the ongoing IMF-World Bank Group Annual Meetings.
The financial support will be distributed through loans, grants, business investments, and financial guarantees aimed at both African governments and private enterprises. Africa’s share eclipsed all other regions: Europe and Central Asia received $24.7 billion, Latin America and the Caribbean $19.4 billion, while East Asia and the Pacific saw $12.5 billion. South Asia received $15.9 billion, and the Middle East and North Africa $6.5 billion, with $0.4 billion allocated to multi-regional projects.
Significant achievements were highlighted in the report, including food assistance for 156 million people, education access for 280 million students, clean water for 59 million people, and social protection for 287 million vulnerable individuals worldwide.
World Bank President Ajay Banga underscored the urgency of these initiatives, stressing the importance of addressing compounding issues like climate change, rising debt, and poverty. “Rarely in our 80-year history has our work been more urgent,” Banga remarked, emphasizing the necessity of collaborative reforms to confront these crises.
