allAfrica.com allafrica.com 26 Jan, 2021 13:00 am

Africa: World Bank Plans to Invest Over U.S.$5 Billion in Africa's Drylands

The World Bank plans to invest over $5 billion over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods across 11 African countries on a swathe of land stretching from Senegal to Djibouti.

26 January 2021 p The World Bank plans to invest over $5 billion over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods across 11 African countries on a swathe of land stretching from Senegal to Djibouti.World Bank Group President David Malpass announced the investment at the One Planet Summit, a high-level meeting co-hosted with France and the United Nations that is focused on addressing climate change and biodiversity loss, according to a statement by the Group.This builds on World Bank landscape investments in these countries over the past eight years that reached more than 19 million people and placed 1.Working with many partners, PROGREEN, a World Bank global fund dedicated to boosting countries' efforts to address landscape degradation, will also invest $14.

The World Bank Group is the biggest multilateral funder of climate investments in developing countries.In December 2020, the World Bank Group announced an ambitious new target for 35% of its financing to have climate co-benefits, on average, over the next five years.

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