The World Bank and the European Union (EU) on Monday pledged 8.25 billion U.S. dollars to boost economic growth and lift more people out of devastating poverty in Africa's Sahel region.
The announcement came as UN Secretary-General Ban Ki-moon and World Bank Group President Jim Yong Kim on Monday reached conflict- torn Mali for a visit, which will also take the two to Niger, Burkina Faso and Chad.
According to a press release from the UN spokesperson's office, the World Bank Group has pledged 1.5 billion U.S. dollars in new regional investments such as social safety nets to help families weather the worst effects of economic adversity and natural disasters, improve infrastructure and create opportunities in rural areas over the next two years.
The EU has also announced it will provide 5 billion euros ( about 6.75 billion U.S. dollars) to six countries in Sahel region - - Burkina Faso, Mali, Mauritania, Niger, Senegal and Chad -- over the next seven years, aiming to help them tackle the specific and complex challenges the region faces. Governance, rule of law and security, delivery of social services, agriculture and food security, as well as regional trade and integration will be at the heart of the development programs from 2014 to 2020.