The executive director of the World Bank Group One constituency, Andrew Bvume, says the International Development Association (IDA) has received $75 billion for boosting various projects in Africa and other parts of the world.
Bvume said of this amount, $45 billion will be set aside for African nations.
IDA is funded largely by rich nations and additional funds are derived from the International Bank of Reconstruction and Development and the International Finance Corporation.
Bvumbe, who is a Zimbabwean and oversees 22 African countries, told VOA Studio 7 on the sidelines of a women’s event to mark International Women’s Day, that they are aiming at boosting infrastructure, agriculture, mining and adding value to commodities before they are shipped overseas.
Speaking on plans for Zimbabwe, which also falls under his portfolio, Bvumbe said, "As you are aware Zimbabwe has got a huge debt overhang, and also we have got arrears to the World Bank and the African Development Bank and one of our priorities is to normalize the relationship between Zimbabwe and the International Momentary Fund (IMF), World Bank and the African Development Bank …
"As you might be aware we have cleared the arrears at the IMF now we are working on clearing arrears at the World Bank and the African Development Bank … This is our priority programming this year,” said Mr. Bvumbe.
