UNECA United Nations Economic Commission for Afr : Accelerating AfCFTA implementation key for Africa s recovery post COVID-19
05/22/2021 | 12:15pm EDT
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Required fields Addis Ababa, Ethiopia, May 22, 2021 (ECA) - The United Nations Economic Commission for Africa (ECA) says it will continue to work closely with its member States, the African Union Commission and other key stakeholders towards the effective implementation of the African Continental Free Trade Area (AfCFTA) that is expected to deepen and expand intra-African trade and help the continent build forward better in the aftermath of the COVID-19 pandemic. Responding to Canadian Prime Minister, Justin Trudeau s statement announcing funding of $15.2 million to the ECA s African Trade Policy Centre (ATPC), Executive Secretary, Vera Songwe, said the AfCFTA provided an excellent policy framework for Africa to build inclusive and resilient economies post-COVID-19.
Malpass disclosed this on Tuesday at the Summit on Financing African Economies, held in Paris, France.
With about $200 billion invested in Africa over the decade by World Bank, Malpass re-affirmed the bank’s commitment to financing development in Africa, stating that an additional $150 billion will be invested in Africa within the next five years.
“Over the past decade, the World Bank Group has invested $200 billion in Africa, and over just the next five years, we intend to invest and mobilize another $150 billion to support the continent’s development.”
He further stated that the fund would be made available through grants and long-term, zero-interest-rate loans from the International Development Agency.
World Bank Group President David Malpass. PHOTO: Samuel Corum/Getty Images/AFP The World Bank has revealed a spending plan of $150 billion to support Africa in the next five years. Speaking at the Summit on Financing African Economies on Tuesday, the World Bank’s President, David Malpass, said a large portion of the outlay would take the form of grants and zero-interest long-term loans. He said the spending would consolidate the intervention of the bank in key developmental needs of Africa in the past decade during which it invested $200 billion in the region. He said the support would continue to provide “positive net-flow” to the continent to address developmental challenges.
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