The World Bank announced Mon day that it provided a record US$5.7 billion in credits and grants to Sub-Saharan Africa in the fiscal year ending 30 June 2007, up from US$4.7 billion in fiscal 2006.
A statement from the bank in Accra, venue of the ongoing 9th AU Summit, said the development arm of the bank International Development Association (IDA) – provided the funding.
It said 50% of IDA’s total credits and grants of US$161 billion since its inception has gone to Africa.
“IDA funding in fiscal year 2006 (1 July 2005-30 June 2006) of US$1.2 billion in grants and US$4 billion in credits represented a doubling of aid from fiscal 2000 and disbursements of US$3.5 billion in fiscal year 2006 represented an increase of more than 100 percent,” the bank said.
Meanwhile, the bank has reiterated its commitment to maintaining the continent as its top priority under the leadership of its new President, Robert Zoellick, who succeeded Paul Wolfowitz last Saturday.