Africa

WB provides record 5.7 billion dollars to Africa

(Xinhua)
Updated: 2007-07-03 01:55

The World Bank (WB) announced? Monday that it had provided a record 5.7 billion U.S. dollars in credits and grants to sub-Saharan Africa in the fiscal year ending June 30, 2007, 1 billion dollars more than the figure recorded in fiscal year 2006.

A statement from the bank in Accra, which is hosting the 9th African Union Summit, said the soft-lending arm of the bank, International Development Association (IDA), provided the funding.

Half of IDA's total credits and grants of 161 billion dollars since its inception has gone to Africa, said a statement released by the WB.

"IDA funding in fiscal year 2006 of 1.2 billion dollars in grants and 4 billion dollars in credits represented a doubling of aid from fiscal 2000 and disbursements of 3.5 billion dollars in fiscal year 2006, representing an increase of more than 100 percent," the bank said.

The bank also reiterated its commitment to maintaining the continent as its top priority under the leadership of its new President Robert Zoellick, who took over Saturday from scandal- involved Paul Wolfowitz.