In an irony of fate, the World Bank which has been a source of help to most African countries is turning around to seek help from the same Africans to help it meet its financial obligations to the International Development Association (IDA).
This was made known by the World Bank Vice-President for Development Finance Joachim Von Amsberg, who said the Bank needs to mobilise some US$135 thousand million in Official Development Assistance (ODA).
This amount will attract and leverage new public and private investments.
He said in order to finance development in an intelligent fashion, the Bank needs to mobilise some $135 billion in Official Development Assistance (ODA). This amount will attract and leverage new public and private investments, he added.
“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. There is the Ebola problem, floods in Malawi and the earthquake in Nepal as well, which is why the response budget for three years was already exhausted in the first year,” he explained in his presentation.
Speaking on the topic ‘Funding Options for ODA’, he said, the record ODA replenishment of $52.1 billion aims to maximize impact on development by leveraging public and private resources, in addition to knowledge, with solid results and efficiency at a low cost.
“The strong replenishment of ODA and financial innovations are crucial to fulfilling the agenda for transformation in Africa,” he said.