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World Bank raises $14 billion for ‘economically weak’ African nations’

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Rachid Benmessaoud

• Invests in win-win solutions
The World Bank Group has allocated over $14 billion to help weak economic activities in African Countries in order to meet the target of achieving its twin goals and delivering   2030 Agenda.

World Bank Country Director, Nigeria, Rachid Benmessaoud stated at Ideas for Action Africa in Abuja, explained, it would be under International Development Association, IDA, for fragile nations in the continent.

He said they would continue to find new and initiative ways to reach the poor and boost shared prosperity, adding, “Development financing is happening in uncertain economic times.”

According to him, they are working with a country partnership framework, a systematic country-driven model that is more evidence-based, selective and supports country-owned policies to attain the SDGs.

“Financing development in 21st Century is not what we are supposed to do as the guidelines are already there; rather it is how we are collaborating for maximum impact by investing in win-win solutions.”

The Country Director further stated, we would continue to work with client countries to deliver the agenda in three critical areas, finance, data and implementation, this will be in a sustainable manner.

He maintained, we are living in a time of multiple overlapping challenges, epidemics, climate change, violence and conflict situations, threats of famine and increased vulnerability to natural disasters.

Also speaking.Prof.Peter Azikiwe Onwualu of African University of Science and Technology, Abuja, opined that we have all it takes to use material resources to solve our problems in the continent.

He urged African youths come out to do more research work by enrolling on Masters and PhDs programmes, stressing that it is only Africans can solve African challenges in 21st Century.

In his presentation, titled “Development through Inclusive Technology: The Role of Youth in African Development, Nwachinemere Emeka Obewe, advocate inclusive science and technology to achieve sustainable development in the continent.

He cited critical areas to be tackled, which include rising youth unemployment, infrastructure deficit, human resource flight and food insecurity and lack of accountability in governance in sub-Sahara.


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