The World Bank is facing shortage of financial resources to mobilize some one hundred and thirty-five thousand million US Dollars in Official Development Assistance or ODA to attract and leverage new public and private investments.
World Bank Vice-President for Development Finance Joachim Von Amsberg asked for the support of members of the African Caucus to raise funds to refill the international Development Association or IDA.
He says the record Official Development Assistance replenishment of 52.1 thousand million US Dollar aims to maximize impact on development by leveraging public and private resources.
The Vice-President observes that the demand for regional projects in Africa remains large and most resources are committed to regional infrastructure projects.
He said the strong refilling of Official Development Assistance and financial innovations are crucial to fulfilling the agenda for transformation in Africa.