World Bank to invest US$150 million into Africa

International financial institution the World Bank said on Tuesday that it is going to invest US$150 million into Africa over the next five years.

CAPE TOWN, May 19 (ANA) – International financial institution the World Bank said on Tuesday that it is going to invest US$150 million into Africa over the next five years.

The President of the World Bank Group, David Malpass, disclosed this on Tuesday at the Summit on Financing African Economies, held in Paris, France.

Malpass said in his remarks that Africa is full of investment opportunities that can attract private enterprises and investors from around the world.

The bank said that over the last decade the group has invested US$200 billion in Africa.

The bank said that a large portion of the US$150 million will be through grants and long-term, zero interest-rate loans from IDA, which continues to provide strong positive net flows to Africa.

Furthermore, Malpass emphasised that debt sustainability and transparency will also be vital in attracting new financing and investment.

According to Punch.com, the President of the World Bank Group also said that he had discussed with the French President Emmanuel Macron on some initiatives that would help boost development in Africa.

Furthermore, delegates at the summit called for the lifting of vaccine patents to allow their manufacture on the continent, French President Emmanuel Macron said.

Africa remains far behind in administration of life saving vaccines, amid fears of a third wave of infections.

The summit was attended by 21 African heads of state and government and several heads of continental organisations such as the African Union and AFDB and international organisations, such as the European Union and IMF.

– African News Agency (ANA); Editing by Naomi Mackay