Maravi

World Bank launches 10-year strategy for Africa

World Bank launches 10-year strategy for Africa
By Ndinawe Simpelwe
Wed 11 May 2011, 21:10 CAT

THE World Bank says undiversified economies and high levels of corruption in Africa are hindering the Group’s developmental programmes for the continent.

Announcing a 10 year developmental strategy in Lusaka yesterday, World Bank country representative Dr Kapil Kapoor said high corruption levels and undiversified economies were affecting the World Bank’s performance in developmental programmes.

Dr Kapoor said there was also need to overcome challenges of low levels of higher education and the large numbers of unemployed youths. In its ten year vision for Africa, the World Bank would support faster economic growth, more jobs, reduce poverty and improve women’s land rights.

Dr Kapoor also said the bank would improve higher education, reduce corruption, improve service delivery and increase protection against climate change.

“Sub-Saharan Africa in 2011 has an unprecedented opportunity for transformation and sustained growth,” Dr Kapoor said.

He said the ten year strategy would be implemented under three pillars that included competitiveness and employment, vulnerability and resilience and governance and public sector capacity.

“Under competitiveness and employment we will encourage agricultural productivity, a strong business climate, a healthy and skilled workforce and infrastructure development,” he said.

Dr Kapoor said the World Bank would arm governments in Africa against shocks to the economy and natural disasters together with health shocks and conflict and political violence in order to reduce on vulnerability and increase resilience.

“In order to improve governance and public sector capacity, the World Bank will build citizen capacity to hold governments accountable. The bank will assist governments with public finance management and basic service delivery,” Dr Kapoor said.

He, however, said there were risks to achieving the ten year strategy due to global economic volatility and decline.

He said political violence, conflict and fragility also posed a threat to achieving the desired results of the strategy.

“There are a lot of countries that are going through transitions; all these are risks to our success. There is a lot of political instability and the global environment is very unstable,” said Dr Kapoor.

posted by MrK @ 7:36 AM