Magazine article UN Chronicle

$1.1 Billion Pledged for World Bank's Special Facility for Sub-Saharan Africa

Magazine article UN Chronicle

$1.1 Billion Pledged for World Bank's Special Facility for Sub-Saharan Africa

Article excerpt

The World Bank announced on 1 February that it had achieved its objective of raising $1 billion in special funds for sub-Saharan Africa to support economic recovery and policy reform.

About $1.1 billion was pledged at a meeting of 23 donor countries in Paris on 31 January and 1 February.

Pledges for the Bank's Special Facility amounted to $667 million. Of this, it is expected that the World Bank itself will contribute $150 million from future net income. In addition, several donors agreed to provide special joint financing for the same purposes, under the Facility's terms and conditions.

The proposal to establish this Facility emerged from a joint Programme of Action for sub-Saharan Africal launched by the World Bank last August. The Joint Programme aims at reversing the economic decline of the region and at restoring economic growth and development. It calls for close collaboration between African Governments and institutions, bilateral and multilateral donors, and the World Bank.

The Facility will provide fastdisbursing financing in support of rm programmes undertaken by a number of African Governments. …

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