The World Bank Group committed a record $14.7 billion during the fiscal year ending June 2013 to support economic growth in Africa, targeting mainly the private sector and conflict-prone regions.
In a report seen by Dow Jones Newswires Tuesday, the lender said it approved $8.25 billion in new lending for nearly 100 projects during the 2012-13 period (July-June) across Africa. The support focused on major transformational projects in agriculture and energy. The World Bank said it increased its focus on targeting regional drivers of fragility and conflict in the Sahel and the Great Lakes regions.
"The region has shown remarkable resilience in the face of a global recession and continues to grow strongly," said Makhtar Diop, World Bank Vice President for the Africa Region. "Africa is at the center of the World Bank Group 2030 goals of ending extreme poverty and promoting shared prosperity, in an environmentally, socially, and fiscally sustainable manner."