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World Bank pledges USD 50 billion loan to assist Africa


Thu, 02 Jul 2020 11:24 - Updated Thu, 02 Jul 2020 11:24

Luanda - World Bank Group has announced it will make available USD 50 billion to assist 48 Sub-Saharan Africa countries, including Angola.


The amount is to cover projects and programmes in sectors such as agriculture, trade, transport, energy, education, health, water and sanitation.

The value represents about a third of the entire portfolio of the World’s financial institution, reads a note reached Angop Wednesday.

The funding is almost the double compared to what the region benefited 10 year ago, according to the document.

The source also clafifies the restructuring process of WB Department for Africa.

Under its restructuring policy, the WB announced two vice presidencies for West and Central Africa, and East and Southern Africa countries, as part of the continued efforts to align the resources with the priorities.

Appointed as vice president for Eastern and Southern Africa was Hafez Ghanem.

While, Ousmane Diagana went to Western and Central Africa.

According to the institution, the intention is to help boost the reforms and necessary policies for the sustainable increase to relieve the poverty and raise the people’s life level in the continent.