Kampala — THE World Bank has earmarked $11.7b to finance African economies hit by the global economic crisis, a senior official has said. Obiageli Katryn Ezekwesili, the World Bank vice- president for Africa, said the funds would finance development projects targeting the poor to boost economic growth.

"Africa's growth rate is to fall to 2.4% this year from the projected 6.4% in 2007/2008 due to the global financial crisis. "This will affect the continent's ability to meet the United Nations Millennium Development Goals (MDGs) targets by 2015," noted Ezekwesili during a video press conference last week.

The MDGs are aimed at promoting projects in poverty reduction, education, maternal health and gender equality. Ezekwesili said some of the funds would be used for energy and ICT projects.