Businesses & Financial News

Sub-Saharan Africa economy remains fragile: World Bank

The World Bank has predicted that the Sub-Saharan Africa will exit recession in 2021, but recovery remains fragile because of the slow deployment in vaccination, the impact of the 3rd wave of Covid, especially in East and Southern Africa, and a weak regain in investment.

“Africa must seize the opportunity of global decarburization to transform its economy and create jobs for its population,” said World Bank Chief Economist for Africa Albert Zeufack on Wednesday.

He made those remarks during the Climate Change Adaptation and Economic Transformation in Sub-Saharan Africa.

The global bank in September released the Next Generation Africa Climate Business Plan (NG-ACBP), which sets out a blueprint to help Sub-Saharan African economies achieve low carbon and climate-resilient outcomes.

The Plan calls for countries to seize the opportunity to scale-up climate resilience to grow their economies and reduce poverty, redouble efforts to increase energy access across the region, and take advantage of sustainable and innovative approaches to leapfrog into greener development pathways.

Without rapid deployment of inclusive, climate-informed development, 43 million additional people could be pushed below the poverty line by 2030 in Sub-Saharan Africa.

As the largest financier of climate action in Africa, the World Bank will use this new Climate Plan to build on a strong track record under the original plan in which the Bank supported 346 projects with more than US$33 billion in World Bank financing over the past six years.

The Plan sets ambitious goals that push the boundaries of sustainable development in Africa, including training 10 million farmers on climate-smart agricultural approaches, expanding integrated landscape management over 60 million hectares in 20 countries, increasing renewable energy generation capacity from 28GW to 38GW to increase access to clean electricity, and outfitting at least 3O cities with low carbon and compact urban planning approaches.

 990 total views,  1 views today

Social Media Auto Publish Powered By :