Cash-strapped World Bank seeks $135b to fund IDAs

In from Ali Smart …

The World Bank is in a dilemma. Reason: it is cash-strapped and is subsequently asking for lifelines from wait for this: Africans to be able to meet its obligations to the International Development Association (IDA).

According to the World Bank Vice-President for Development Finance, Joachim Von Amsberg, 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.

“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,” explained the World Bank VP in his presentation on the topic “Funding Options for ODA.”

Read also: World Bank to support Nigerian communities with $140m

The record ODA replenishment of US$52.1 billion aims to maximise impact on development by leveraging public and private resources, in addition to knowledge, with solid results and efficiency at a low cost.

The demand for regional projects in Africa remains large, and most resources are committed to regional infrastructure projects.

“The strong replenishment of ODA and financial innovations are crucial to fulfilling the agenda for transformation in Africa,” he concluded.

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