Malawi is expected to benefit from the $57 billion World Bank financing for Sub-Saharan African countries over the next three fiscal years.
The money will go towards funding programmes in areas of education, basic health services, clean water and sanitation, agriculture, business climate, infrastructure, and institutional reform for both the public and private sectors.
In a statement issued on Tuesday, the bank says the bulk of the financing – $45 billion – will come from the International Development Association (IDA), the World Bank Group’s fund for the poorest countries.
The statement also says that the financing for Sub-Saharan Africa also will 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.
“This represents an unprecedented opportunity to change the development trajectory of the countries in the region,” said World Bank Group President Jim Yong Kim said in the statement.