World Bank Plans to Invest over $5bn in Drylands in Africa


Tuesday, January 12, 2021 / 03:45 PM / by World Bank / Header Image Credit: Twitter; @DavidMalpassWBG

Proshare Nigeria Pvt. Ltd.

These efforts are in line with the Great Green Wall initiative


The World Bank plans to invest over $5 billion over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods across 11 African countries on a swathe of land stretching from Senegal to Djibouti.


World Bank Group President David Malpass announced the investment at the One Planet Summit, a high-level meeting co-hosted with France and the United Nations that is focused on addressing climate change and biodiversity loss.


"This investment, which comes at a crucial time, will help improve livelihoods as countries recover from COVID-19 while also dealing with the impact of both biodiversity loss and climate change on their people and economies", said Malpass.


The more than $5 billion in financing will support agriculture, biodiversity, community development, food security, landscape restoration, job creation, resilient infrastructure, rural mobility, and access to renewable energy across 11 countries of the Sahel, Lake Chad and Horn of Africa. Many of these efforts are in line with the Great Green Wall initiative. This builds on World Bank landscape investments in these countries over the past eight years that reached more than 19 million people and placed 1.6 million hectares under sustainable land management.


"Restoring natural ecosystems in the drylands of Africa benefits both people and the planet", said Moussa Faki Mahamat, Chairperson of the African Union Commission. 


Working with many partners, PROGREEN, a World Bank global fund dedicated to boosting countries' efforts to address landscape degradation, will also invest $14.5 million in five Sahelian countries - Burkina Faso, Chad, Niger, Mali, Mauritania.


The World Bank Group is the biggest multilateral funder of climate investments in developing countries. In December 2020, the World Bank Group announced an ambitious new target for 35% of its financing to have climate co-benefits, on average, over the next five years.

Proshare Nigeria Pvt. Ltd.

Related News

  1. How Countries Are Performing on the Road to Recovery
  2. World Bank Appears Less Optimistic About Growth Prospects Across the Globe
  3. Corruption and COVID-19: The Pandemic Has Heightened The Importance of Stronger Governance
  4. Global Output Expected to Expand by 4% in 2021, Still Below Pre-Pandemic Trend
  5. AfDB Takes Steps to Accelerate the Circular Economy in Africa
  6. African Development Bank's Board of Directors Approves the Bank's Borrowing Program for 2021
  7. Glaciers of Global Finance: The Currency Composition of Central Banks' Reserve Holdings
  8. What to do When Low-for-Long Interest Rates are Lower and for Longer
  9. World Bank Group to Boost Nigeria's Efforts to Reduce Poverty
  10. IMF Staff Completes 2020 Article IV Mission to Nigeria
  11. Open Trade and Economic Inclusion Key to Post-COVID Recovery
  12. AfDB's AgriPitch Competition Awards $120,000 in Prizes to African Youth Agripreneurs
  13. Bridging the Digital Divide to Scale Up the COVID-19 Recovery
  14. AfDB, AIF Founding Partners Announce Postponement of the Africa Investment Forum to 2021
  15. Remittance Flows to Shrink 14% by 2021 Due to COVID-19
  16. How COVID-19 Will Increase Inequality in Emerging Markets and Developing Economies
  17. SSA October 2020 Regional Economic Outlook: A Difficult Road to Recovery
  18. Communique of the 42nd Meeting of the IMFC Chaired by Mr. Lesetja Kganyago
  19. WEO: A Long and Difficult Ascent - Global Growth Projected at -4.4% in 2020
  20. IMF Executive Board Approves the Extension of Increased Access Limits Under the RCF and RFI


Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.

Related News