World Bank commits a record Sh1.3tr financing to Sub-Sahara

World Bank Group President Jim Yong Kim is all smiles as he talks with Japanese young entrepreneurs at a symposium in Tokyo on July 10, 2014. Kim is now here on a two-day visit to Tokyo to exchange views with Japanese officials. AFP PHOTO / Yoshikazu TSUNO

Kenya: The World Bank Group committed a record-breaking Sh1.33 trillion ($15.3 billion) to Sub Saharan Africa's development in fiscal year 2014 (July 2013 to June 2014), supporting shared prosperity in the region and focusing on increased efforts to reduce poverty.

"Africa is making significant progress and at the World Bank we are stepping up the momentum to innovate and think big in order to help our clients achieve their development goals. We applaud the improved policies and prudent fiscal decisions many governments have made and we will continue to provide financing through loans and grants, technical expertise and to mobilise our unique convening power to leverage the resources of other development partners," said Makhtar Diop, World Bank Vice President for the Africa Region.