The World Bank has asked for the support of
members of the African Caucus, in order to raise funds to replenish the
International Development Association.
The Bank’s Vice-President for Development
Finance, Mr. Joachim Von Amsberg, made this request in order to enable the Bank
to finance development in an intelligent fashion.
Amsberg said the Bank needed to mobilise about
$135bn in Official Development Assistance, noting that the amount would attract
and leverage new public and private investments.
“We have a large portfolio, a series of projects
in preparation that will drive private investment. These are projects for which
there is great demand and we are seeking to mobilise possible resources.
“There is the Ebola problem, floods in Malawi and
the earthquake in Nepal as well, which is why the response budget for three
years was already exhausted in the first year,” Amsberg said as he made a case
for funding options for ODA.
“The record ODA replenishment of $52.1bn aims to
maximise impact on development by leveraging public and private resources, in
addition to knowledge, with solid results and efficiency at a low cost,”
Amsberg added.
Arguing that the demand for regional projects
in Africa remains large, while most resources are committed to regional
infrastructure projects, he said that, “The strong replenishment of ODA and
financial innovations are crucial to fulfilling the agenda for transformation
in Africa.”
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