{"id":489342,"date":"2011-10-12T13:31:16","date_gmt":"2011-10-12T13:31:16","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/10\/12\/world-bank-warns-rich-countries\/"},"modified":"2011-10-12T13:31:16","modified_gmt":"2011-10-12T13:31:16","slug":"world-bank-warns-rich-countries","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/10\/12\/world-bank-warns-rich-countries\/","title":{"rendered":"World Bank Warns Rich Countries"},"content":{"rendered":"<p><div><a href=\"http:\/\/www.dailyguideghana.com\/wp-content\/uploads\/2011\/09\/robert_zoellick.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-28100\" title=\"robert_zoellick\" src=\"http:\/\/www.dailyguideghana.com\/wp-content\/uploads\/2011\/09\/robert_zoellick.jpg\" alt=\"\" width=\"300\" height=\"276\" \/><\/a><\/p>\n<p>Robert Zoellick, World Bank Boss<\/p>\n<\/div>\n<p>The World Bank has warned rich countries against reducing development assistance at a time of growing fears over a potential global recession.<\/p>\n<p>According to the Bretton Wood institution, \u201cThis is a bad time to slash development assistance.\u201d<\/p>\n<p>\u201cThe temptation is great when a crisis looms \u2013 as it does now \u2013 for rich countries to slash development assistance. This would be a grave mistake,\u201d World Bank Vice President for\u00a0Africa, Obiageli Ezekwesili told investors in London.<\/p>\n<p>Speaking at the first-ever African Investment Summit organized by the London Stock Exchange (LSE) in partnership with the Financial Times, CNBC, Citigroup, Banco\u00a0Espirito Santo, among others, Madam Ezekwesili stressed that cutting aid would be a grave mistake \u201cnot because Africa is desperate for aid but because the global economy is desperate to see a high-performing Africa.\u201d<\/p>\n<p>An expansion in global prosperity and a resumption of global economic growth, she explained, really depends on Africa playing its role as a global growth pool and prospering as a robust market for global goods and services.<\/p>\n<p>Investors, she added, will find in the different branches of the World Bank, the global knowledge they need to understand Africa, the political risk guarantees certain markets may impose and the support all investors sometimes need in resolving international investment disputes.<\/p>\n<p>While foreign partners like the World Bank and foreign investors can help \u201cthe ultimate responsibility for delivering on Africa\u2019s development promise is that of the people of Africa and their governments,\u201d the World Bank Vice President told the summit.<\/p>\n<p>She explained that the World Bank\u2019s strategy for Africa commits to fostering partnerships \u201cworking with Africa, not for Africa\u2026 partnering with and challenging African governments to embrace much-needed second generation reforms that boost private sector-led growth by improving the environment for doing business\u201d.<\/p>\n<p>In a related development, the World Bank has urged investors worldwide to invest in Africa and its budding capital markets.<\/p>\n<p>\u201cAfrica has taught the world a lesson in macroeconomic reform and stability,\u201d Madam Ezekwesili said.<\/p>\n<p>She urged investors who are in search of the right market to \u201crediscover Africa\u201d at a time of growing fears of a global recession.<\/p>\n<p>\u201cAfrica\u2019s fundamentals appear strong and the continent\u2019s outlook remains positive,\u201d she disclosed, pointing to the continent\u2019s rapid rebound from the 2008-2009 global financial crisis and its higher Gross Domestic Product (GDP) growth rates projected to be 4.8 percent, 5.2 percent and 5.5 percent respectively in 2011, 2012 and 2013.<\/p>\n<p><strong><em>From Business Desk<\/em><\/strong><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p> Robert Zoellick, World Bank Boss The World Bank has warned rich countries against reducing development assistance at a time of growing fears over a potential global recession. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-489342","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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