12 May 2011
THE World Bank has revised its strategies for support to African countries to achieve sustainable economic growth and development so that poverty can be alleviated.
World Bank country representative Kapil Kapool said in Lusaka yesterday during a feedback meeting on renewed strategy for Africa that his institution had set.
Out on a 10-year programme with a vision of not just ensuring economic growth but ultimately sustainability and job creation.
He said the target was now more centred on the youths and poverty reduction.
Among issues to be addressed would be provision of quality education and skills development, improved service delivery, proper resource management and protection against climate change.
The10-year vision strategy is for African where, for at least 20 countries per capita income would be 50 per cent higher with Gross Domestic Product (GDP) growth rates of four per cent a year, and the other 20 countries to grow at the average of two per cent.
During the same period, poverty rates are expected to decline by 12 per cent with at least five countries achieving their middle income status.
“This growth will be achieved with a product mix that is considerably more diversified, with the manufacturing and service delivery rapidly growing and agriculture productivity to increase in 15 countries registering five per cent annual agriculture GDP growth,” he said.
Dr Kapool said most African countries bounced back on economic development after the global financial downturn following their good macro-economic policies and improved trade policies.
He said the strategy had two pillars – the first one being on competitiveness and employment aimed at harnessing the private sector growth for sustainable poverty reduction and ultimately wealth creation.
Under the first pillar, agriculture productivity, development of strong business and infrastructure development would be addressed.
“The second pillar is on vulnerability and resilience. As Africa undergoes transformation and growth, the continent is prone to large number of economic hocks such as drought, food shortages, macro economic crises, diseases, conflicts and climate change among others,” he said.
In the implementation phase of the strategy, the bank would work in partnership with responsible governments, civil society, and development of partners and that it would encourage private investment to be flexible and innovative.
And on infrastructure, he said that Africa needs about US$ 100 billion annually for its infrastructure development.
The bank reiterated its commitment to supporting Zambia’s irrigation system as a way of combating effects of climate change, which in turn would facilitate continued growth in the agricultural sector.
The bank last month committed $ 115 million to irrigation development in Zambia this year and that the bank would next year consider other sectors needing support.
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