World Bulletin / News Desk
The World Bank on Sunday announced $57 billion in financing for sub-Saharan Africa over the next three fiscal years.
Of that total, $45 billion will come from the International Development Association, the World Bank fund that provides grants and interest-free loans for the world's poorest countries.
The package will also feature an estimated $8 billion in private sector investments from the International Finance Corporation, a private-sector branch of World Bank, and $4 billion will come from the International Bank for Reconstruction and Development, the bank's unit for middle-income nations, World Bank president Jim Yong Kim said in a statement.
Germany, which hosted a meeting of the G20 countries Friday and Saturday, said that a partnership called "Compact with Africa" would be a priority of its presidency this year of that club of powerful nations. Of all the countries in Africa, only South Africa is a G20 member.
"This represents an unprecedented opportunity to change the development trajectory of the countries in the region," Kim said.
"With this commitment, we will work with our clients to substantially expand programs in education, basic health services, clean water and sanitation, agriculture, business climate, infrastructure and institutional reform," he added.
Kim left for Rwanda and Tanzania on Sunday in a show of World Bank support for the entire region.
The new financing from the International Development Association will target 448 projects that are already underway in sub-Saharan Africa. The region accounts for more than half of the countries eligible for this kind of financing from the IDA, the bank said.
Company will build new headquarters, manufacturing plants and pay $38 billion in taxes for overseas funds
Eurostat says inflation down 0.1 percentage point from November
Some 10.74 million vehicles from VW or its subsidiaries ranging from Porsche and Audi to Skoda and Seat rolled out of dealerships last year -- an increase of 4.3 percent over the previous year, the carmaker said.
The publication cited an anonymous source close to regulators tackling online finance risks.
BIST 100 rises 0.01 percent to open at 114,429.64 points, foreign currency rates go up
BIST 100 up 0.18 percent while USD/TRY exchange rate climbs over 3.8
Unemployment rate in October fell 1.5 percentage point year-on-year, says TurkStat
BIST 100 drops 0.31 percent to open at 114,286.27 points on Monday, US dollar decreases to 3.75 Turkish liras
U.S. Treasury Secretary says he wants to make sure bitcoin does not become a ‘digital Swiss bank account’
About 12 minutes into trading, the Dow Jones Industrial Average was at 25,675.70, up 0.4 percent.
BIST 100 rises 0.30 percent to open at 115,062.79 points on Friday, US dollar/lira, euro/lira exchange rates go down
Food Price Index gains 8.2 percent year-on-year in 2017, reaching highest annual average since 2014