Africa is set to receive 70% of a new $100 billion financing package mobilized by an arm of the World Bank to support the world’s poorest nations. It comes as traditional aid to the continent declines.
“We have been very clear that the bank remains strongly committed to Africa,” Axel van Trotsenburg, the bank’s senior managing director, told Bloomberg.
Foreign aid to Africa by nations that make up its aid committee fell 1% to $42 billion last year, according to preliminary data released by the Organization for Economic Cooperation and Development.
Aid flows are expected to shrink further as the US reduces funding under President Donald Trump and European nations divert resources to defense.