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The World Bank asks for support in order to
raise funds to replenish the International
Development Association, The Punch reports.
Joachim Von Amsberg, the vice-president of Development Finance, said that the organization needed to mobilise about $135billion in Official Development Assistance (ODA), stressing that the amount would attract and leverage new public and private investments.
The vice president noted: “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. Von Amsberg explained that 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.
The organization’s expert also stated that the strong replenishment of ODA and financial innovations are crucial to fulfilling the agenda for transformation in Africa.”
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