My Naija News - Aid pledge: World Bank faults the G-8 nations

You are here:Home

News

Aid pledge: World Bank faults the G-8 nations

Written by News Hound

Tuesday, 05 June 2007

In a statement released by the World Bank monday, the G-8 nations were faulted for failing to keep their pledge of doubling of aid for Africa and new opportunities for African exports.
“With Africa’s economic prospects high on the G8 agenda, the World Bank noted that despite the 2005 Gleneagles Summit, resulting in pledges to increase Africa’s development aid to $50 billion by 2010, foreign assistance for development programs in many African countries remains essentially flat.” Statement said.

“The question is less about whether the African partners are delivering on their promises, than whether the wealthy industrial nations are honoring the commitments they all boldly made in Gleneagles", says Obiageli Ezekwesili, World Bank Vice President, Africa Region.

The World Bank’s chief economist for the Africa Region, Mr. John Page, said. “Records so far indicate that apart from debt reduction, African countries haven’t realized the benefits promised at the G-8 Summit three years ago, during the Year of Africa,” “Many donor countries have increased support for special humanitarian assistance and debt reduction over four decades, but, unfortunately this does not translate into additional resources for African countries to rebuild their infrastructure, train teachers and combat HIV/AIDS and malaria,”

The World Bank said that, While donor aid is lagging, progress in lowering debt burdens for Sub-Saharan Africa has moved ahead somewhat faster. Multilateral debt relief undertaken by the World Bank, the International Monetary Fund and the African Development Bank will bring about the full cancellation of $50 billion of debt over 40 years. Beginning in July, 2006, when the initiative took effect, 16 African countries have benefited. Another 17 will become eligible once the reach the completion of debt reduction programs under the World Bank’s Heavily Indebted Poor Countries Initiative.

According to estimates in the World Bank’s 2007 Global Development Finance, net official flows of aid and debt to African countries dropped to $35.1 billion in 2006 from $35.8 billion the previous year. Many African countries—despite the recent history of growth—need external help to rehabilitate roads, extend access to electricity, and improve education and health systems.

Quote this article on your site | Views: 418 | Print | E-mail

Be first to comment this article

Write Comment

Please keep the topic of messages relevant to the subject of the article. Personal verbal attacks will be deleted. Please don't use comments to plug your web site. Such material will be removed. Just ensure to Refresh your browser for a new security code to be displayed prior to clicking on the 'Send' button. Keep in mind that the above process only applies if you simply entered the wrong security code.
Name:
E-mail
Title:
Comment:
Code:*
	I wish to be contacted by email regarding additional comments