
The World Bank says says it has put in place measures to ensure minimal abuse of the funds earmarked for developmental projects in Africa.
And the World Banks’s commitment to reduce poverty and enhance broad base economic development in sub-Sahara Africa in particular and Africa in general.
World Bank Vice President of Development Finance (DFi) Axel van Trotsenburg says this is just in case of corruption and fraud creeping into implementation of developmental projects on the African continent.
Mr. Trotsenburg adds that the World Bank has however effected controls in place to safeguard its huge investment portfolio in Africa.
With US$45 billion reserved to finance projects in Africa over a three-year period ending June 30, 2020, Mr. Trotsenburg said mechanisms were in place to guarantee financial resources were used for intended developmental projects.
The WB Vice President said this in Livingstone on Sunday ahead of the official opening of the institution’s International Development Association (IDA) Mid-Term Review Meeting.
He added that World Bank to this effect stopped the transfer funds to developing countries without first establishing what predesigned projects intended to achieve in terms of improving people’s living standards.
“Resources for development have become scarce, therefore as the World Bank we strive to ensure financial resources at our disposal are well managed,” he said.
Where corrupt practices and irregularities were suspected, the institution had units that investigated and if found wanting, guilty parties were either suspended or directed to reimburse mismanaged funds among other penalties, he added.
And Mr. van Trotsenburg has reiterated the World Banks’s commitment to reduce poverty and enhance broad base economic development in sub-Sahara Africa in particular and Africa in general.
Highlighting the fragility, climate change, governance, economic transformation and gender as the multilateral institution’s special focus areas, the WB Vice said his institution’s approach in assisting to tackle common challenges in developing countries aimed to depict development not just in terms of infrastructure development but in other human development in sectors such as health, education and social protection.
“…We shall continue scaling up investments and strengthening institutional capacities in Africa,” he said.
President Edgar Lungu is set to officially open the IDA Mid-Term Review Meeting and Launch of the IDA19 replenishment process at Avani Victoria Falls Resort in Livingstone on Tuesday, November 13 2018.
IDA is one of the largest sources of assistance for the world’s 75 poorest countries, 39 of which are in Africa.
Donors meet every three years to replenish IDA resources and the current replenishment – IDA18- is worth US$75 billion for financing of developmental projects with US$45 billion specifically reserved for Africa.