Washington : Axel Van Trotsenburg, Managing Director at the World Bank, said the bank will allocate 70% of a $100 billion package, raised by one of its arms, to provide concessional financing for the world’s poorest countries, with Africa as the main beneficiary.
According to preliminary data from the Organisation for Economic Co-operation and Development (OECD), official development assistance to Africa from its member countries fell by 1% to $42 billion last year.
Further declines are expected after US President Donald Trump cut funding for many aid programmes, while European countries redirected more resources toward defence.
Estimates indicate that entrepreneurs in six African countries incurred financing losses of nearly $947 million by April due to these aid cuts. This shift has increased Africa’s reliance on multilateral financing, with the World Bank and other international institutions remaining the main supporters of development efforts in the continent.
