Concord Times (Freetown)
Rachel Horner
8 February 2010
Freetown — The World Bank president has voiced his satisfaction at the actions taken by African governments to deal with the global economic crisis.
Ending an eight-day, three-nation trip to Africa, which took him to Sierra Leone, Cote d'Ivoire and Ethiopia, Robert Bruce Zoellick said: "I leave African impressed by the actions many governments have taken to cope with the global economic crisis but aware that governments and their partners, like the World Bank Group and others, must work harder to expand opportunities and improve prospects for economic growth".
Zoellick noted that the progress he has seen across the region - but also in fragile and post-conflict countries - has confirmed his belief in Africa's potential to become another source of growth for the world economy.
"We still face considerable risks in 2010 and must work to repair the damage to human lives from the global economic crisis. At the same time we must ensure Africa's robust growth rates of the past two decades are not a one off event and that the basis for future productivity and growth are put in place to help overcome poverty on the continent," he noted.
Zoellick said success would depend on making the continent a more attractive destination for investment, on donors providing adequate support, notably to countries emerging from conflict, and working with Africans to ensure that each dollar spent has an impact on overcoming poverty.
"The effects of global food, fuel and economic crisis would be felt by Africa's people for some time yet and it is important to persist with efforts to protect the most vulnerable while laying the foundations for future productivity and growth, Zoellick said on Tuesday via video link from the AU conference in Addis Ababa, Ethiopia.
African leaders attending their biannual summit meeting in Addis Ababa received reassurances of the World Bank group's continued support to initiatives they are taking to stimulate their economies and take advantage of a rebound in global investment and trade. Support will be provided to projects aimed at providing reliable, clean and affordable electricity to homes and enterprises, while harnessing renewable forms of energy like hydro, solar, and wind, and improving efficiency in thermal generation and addressing climate change.
Meanwhile, the World Bank group has committed a record $88 billion worldwide in loans, grant equity, investment and guarantees since the global economic crisis hit in the middle of 2008. International Development Association (IDA), which provides grant and low interest loans to the world's 79 poorest countries, half of which are in Africa, committed $7.8 billion to sub-Saharan African countries in the fiscal 2009 year, a 36 percent increase over the year before.
The bank's private sector arm, International Finance Cooperation (IFC), which provides investments and advisory services to build the private sector in developing countries, has seen its commitments in Africa grow to $1.82 billion in 2009 from $445 million in 2005.
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