The World Bank is short of Sh14.2 trillion for continued support of Africa’s infrastructure projects and emergencies.

The World Bank Vice-President for Development Finance Joachim Von Amsberg asked for the support of members of the African Caucus (African Governors of the World Bank Group and the International Monetary Fund) to raise funds to replenish the International Development Association (IDA).

“We have a large portfolio, a series of projects in preparation that will drive private investment. These are projects for which there is great demand and we are seeking to mobilise possible resources,” said the World Bank VP in a statement.

Kenya in the East African region and Nigeria in West Africa have some major infrastructure projects that require a lot of funds. The countries largely rely on World Bank for funding.

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Kenya’s road network urgently needs improvement. The country is considered among the World’s fastest growing economies. It has earmarked Sh5.5 trillion for infrastructure development.

The donor blamed Ebola outbreak, floods in Malawi and the earthquake in Nepal as well, for depletion of a three year fund that got exhausted in the first year.

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The funds meant to replenish accounts of World Bank, officially referred to as Official Development Assistance (ODA) are usually capped at Sh5.5 trillion. However, World Bank has stretched its request quoting the emergencies that still need attendance.

According to Mr Amsberg, the funds help by maximising impact on development, leveraging public and private resources, in addition to knowledge, with solid results and efficiency at a low cost.

The demand for regional projects in Africa remains large, and most resources are committed to regional infrastructure projects.

“The strong replenishment of ODA and financial innovations are crucial to fulfilling the agenda for transformation in Africa,” he concluded.

Source: Daily Nation

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