Even though countless trillions have been poured into Africa over the past six decades—to no effect other than vastly increasing their population—the World Bank has just announced a new record $57 billion in “financing for sub-Saharan African countries over the next three fiscal years.”
Following a meeting with G20 finance ministers and central bank governors, World Bank Group President, Jim Yong Kim, departed for a “trip to Rwanda and Tanzania to emphasize the bank’s support for the entire region,” a report from This Day news service revealed.
The bulk of the financing—$45 billion—will come from the “International Development Association” (IDA), the bank’s fund for the poorest countries.
The IDA has 173 member countries which pay contributions every three years as replenishment of its capital—but at least 60 percent comes from just 11 nations: the United Kingdom, the United States, Japan, Germany, France, Canada, Sweden, the Netherlands, Italy, and Switzerland.
Eligibility for IDA support depends on a country’s relative poverty, defined as Gross National Income (GNI) per capita below an established threshold and updated annually ($1,215 in fiscal year 2016).
Currently, the IDA gives money to 77 countries, every single one of them in the Third World.
The new financing for sub-Saharan Africa will also include an estimated $8 billion in private sector investments from the International Finance Corporation (IFC), a private sector arm of the bank group, and $4 billion in financing from International Bank for Reconstruction and Development, its non-concessional public sector arm.
In December, development partners agreed to a record $75 billion for IDA, a dramatic increase based on a move to “blend donor contributions to IDA with World Bank Group internal resources, and with funds raised through capital markets,” : 0px; vertical-align: This Day reported.
“With this commitment, we will work with our clients to substantially expand programs in education, basic health services, clean water and sanitation, agriculture, business climate, infrastructure, and institutional reform,” Kim said, ignoring the fact that Africa has been trying to create “clean water” ever since the end of white colonial rule.
The IDA financing will focus on “tackling conflict, fragility, and violence; and reducing gender inequality. Efforts will also promote governance and institution building, as well as jobs and economic transformation,” the report added.
Expected IDA outcomes include “essential health and nutrition services for up to 400 million people, [and] access to improved water sources for up to 45 million.”
Like all such projects, they are doomed to failure—because the average IQ in Africa has stubbornly remained between 60 and 80.