|
|
World Bank President in Africa
By Masahudu Ankiilu Kunateh, Ghanadot
Accra, Jan 21, Ghanadot - The President of World Bank Group,
Robert B. Zoellick, yesterday began an eight-day,
three-nation Africa visit to help focus the attention of
African governments, development partners and private
investors on seizing the opportunity for renewed momentum in
economic growth and overcoming poverty.
Although hit by the global food, fuel and financial crises,
African governments have persisted in strengthening their
economic policies as they pursue development, or rebuild
after conflict.
Zoellick first arrived in Sierra Leone before traveling to
Cote dIvoire and then Ethiopia for the African Union (AU)
summit. Ahead of the trip, Zoellick noted that many
sub-Saharan African countries had enjoyed a decade or more
of solid growth before the crisis and it was important to
preserve and expand on these gains by drawing investment to
high growth areas.
I am visiting Africa to learn about how its people have
coped with the global economic crisis and to see how the
World Bank Group can work with them to improve prospects for
economic growth and expanded opportunity. Much of Africa has
a solid record of economic growth, including in some of
Africas fragile states, and it has the potential to be
another pole of growth for the world economy, Zoellick said.
Zoellick indicated that a combination of policy and
institutional reforms and external resources are urgently
needed to help build capacity, generate economic
opportunities in fragile states, and lay the foundation for
stability and overcoming poverty. He also called for
policies and investments that would expand Africas share of
global and intra-African trade by fostering regional
integration and building crucial infrastructure in energy,
transport and irrigation needed to promote agriculture,
manufacturing and industrialization on the continent and for
helping countries adapt to climate change.
At a working breakfast forum on the sidelines of the AU
summit, which Zoellick is hosting jointly with African
Development Bank President Donald Kaberuka, several African
leaders will discuss the transformative impact that
information and communications technologies (ICTs) can have
on the continent.
The skeptics wondered whether Africa was ready for a
revolution in telecommunications. But African entrepreneurs,
with the help of supportive government policies, changed the
facts on the ground, said Zoellick.
Acknowledging that private sector participation will
continue to be key to take Africa to the next level of
high-speed connectivity and to create jobs, the forum is
expected to urge African leaders to further lift barriers to
private sector investment in the sector. It is also expected
to encourage African leaders and the private sector to take
advantage of ICTs to advance agriculture, education and
health sectors, and to similarly realize the considerable
promise of other sectors.
During his trip, Zoellick would visit energy, agriculture
and fishery projects that have benefited from World Bank
support. He will hold working sessions with representatives
of other donor agencies; discuss ways of boosting World Bank
support to governmental and civil society organizations
promoting peace, transparency, accountability, and good
governance.
In fiscal 2009, the World Bank Group, which supports Africa
mainly through the International Development Association
(IDA) and International Finance Corporation (IFC), committed
a record $58.8 billion worldwide in loans, grants, equity
investments, and guarantees, a 54 percent increase over
2008. IDA, which provides grants and low-interest loans to
the worlds 79 poorest countries, half of which are in
Africa, committed $7.8 billion to sub-Saharan African
countries, a 36 percent increase over the year before. The
Banks private sector arm, IFC, which provides investments
and advisory services to build the private sector in
developing countries, has seen its commitments in Africa
grow from $445 million in 2005 to $1.82 billion in 2009.
Ghanadot
|
