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World Bank and EU pledge $8 Billion for African Sahel Projects

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Wednesday, 06 November 2013

World Bank and EU pledge $8 Billion for African Sahel Projects

The World Bank and the European Union (EU) decided to invest around $8 billion in hydro power, agriculture and health projects in Africa’s Sahel. World Bank President Jim Yong Kim said that “the people of the Sahel region desperately need more secure living standards and our hope is this funding helps build a new path for economic growth in the region,”.
Kim arrived in Senegal on Monday 4 November with United Nations Secretary-General Ban Ki-moon. They are to visit and meet with the presidents of Mali, Burkina Faso and Chad later throughout the week. European Union (EU) Development Commissioner Andris Piebalgs is also part of these meetings.
Businessweek reports that the World Bank plan to give $1.5 billion over the next two years to expand renewable-energy sources and health services in the area below the Sahara desert that covers parts of Mali, Mauritania, Senegal, Niger, Chad and Burkina Faso. The investment includes $585 million in guarantees for a gas project in Mauritania.
Funds from the EU are meant to strengthen security and stability as well as governance and rule of law in the countries in the area, according to the statement.

Source: Businessweek