Africa must continue seeking new financial partners
African countries should continue courting new financial partners to ensure the region can implement developmental projects, says the World Bank's vice-president for Africa, Obiageli Ezekwesili.
She told journalists at a conference on Aid Effectiveness on Monday that no single donor could satisfy the needs of the region as the demand for assistance of the continent was too high.
"For example, the World Bank can only provide about $7,2bn to Africa while the whole continent needs more than $100bn per year," she said.
A number of countries, including Sudan and Zimbabwe, are also not beneficiaries of World Bank loans, hence the need to exploit other finances.
"We welcome every opportunity that Africa has in improving its economy," Ezekwesili said, noting that Asia, particularly China, had already shown a willingness to fund developmental projects in Africa.
However, she said African countries should own and take the leading role in the projects. "No matter who the partner is, Africa is best placed to determine the nature of the engagement," she said.
Zimbabwe, like many African countries, is among those that have embraced new financial partners, especially the Chinese, in funding some of its developmental projects.
The country ceased to be a member of the World Bank in 2000 because of non-payment of loans and efforts are currently underway to repay the arrears.
Meanwhile, the World Bank said its aid to Africa would total about $7,2bn this year compared with $5,7bn in 2007. The aid would go towards different projects such as agriculture, health, transport and education.
The Aid Effectiveness conference, which runs from 1 to 4 September, brings together international development agencies, donors and civil societies from all over the world.
Ministers and senior government officials from more than 100 countries are attending the conference.
Article published courtesy of BuaNews
