World Bank realigns Africa region under two vice presidencies
The Washington DC-based financier said it plans to lend about $50 billion to 48 countries in Sub-Saharan Africa.
The World Bank Group has reorganised its Sub-Saharan Africa regional portfolio to now be managed by two Vice Presidents, covering Western and Central Africa and Eastern and Southern Africa. The change announced by the multilateral development bank early in 2020, took effect on the first of July.
The Washington DC-based financier said it plans to lend about $50 billion to 48 countries in Sub-Saharan Africa – significantly more than any other region and making up about one-third of the World Bank’s entire portfolio. These financing volumes are almost double what the region delivered ten years ago.
The Bank’s portfolio includes projects and programmes in areas such as agriculture, trade and transport, energy, education, health, water and sanitation. Furthermore, the growth in financing to fragile states has been even higher with about two-thirds of World Bank financing to fragile states happening in Africa.
The region has been led since 2018 by Hafez Ghanem, who has become the Vice President for Eastern and Southern Africa. Ousmane Diagana was appointed Vice President for Western and Central Africa.
Afreximbank made the call at a panel discussion organized by Association of African Development Finance Institutions.
Historically, the biggest threat to the IMF has been irrelevance.
Reinhart’s appointment is effective on June 15, 2020.
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