The World Bank Group has reaffirmed its commitment to supporting South Africa and Namibia in their development goals.
During a recent visit from July 7-13, a delegation of the World Bank Group’s board of executive directors assessed progress on implementation of ongoing projects funded by the Bretton Woods institution in both countries.
World Bank executive director Matteo Bugamelli emphasized the World Bank Group’s commitment to helping South Africa and Namibia address unemployment and inequality challenges.
Bugamelli is in charge of the constituency of countries that includes Albania, Greece, Italy, Malta, Portugal, San Marino, East Timor, Namibia and South Africa.
In South Africa the World Bank officials met, among others, Finance Minister Enoch Godongwana and Electricity and Energy Minister Kgosientsho Ramokgopa, while in Namibia they held a meeting with Finance and Public Enterprises Minister Ipumbu Shiimi.
The visit came as South Africa has transitioned from a non-borrowing client to borrowing over US$1 billion annually from the World Bank.
The country also holds the largest International Finance Corporation (IFC) portfolio in Africa and the second largest Multilateral Investment Guarantee Agency portfolio on the continent.
In Namibia, the World Bank Group is preparing a new country programme to guide future support.
It recently approved a US$138.5 million renewable energy and transmission loan to Namibia’s power utility NamPower.
JN/APA
Source link : https://apanews.net/world-bank-reaffirms-support-for-south-africa-namibia/
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Publish date : 2024-07-24 12:30:39
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