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WB Increases Africa Development Fund

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The World Bank response to the global economic recession in Africa through infrastructure development has been jacked up from US$600 million to US$3.6 billion, according to the reports of the News Agency of Nigeria.

The World Bank said similar increase was effected on its investment on agriculture in the region from US$430 million to US$1.05 billion.

Oby Ezekwesili, the Vice President, African Region, made this known on Wednesday in a tele-conference in Washington DC monitored in Abuja.

The World Bank has set aside more than US$6 billion as International Development Association (IDA) facility for Africa.

Ezekwesili said the infrastructure fund was to upgrade most structures in Africa to the standards comparable with those in Europe and America.

She explained that in the midst of the hash world financial system only the best environment could attract investment, saying only negligible nations in Africa can now boast of standard infrastructures.

"We will use the fund to collaborate with countries in the region to chart ways for electricity generation and distribution," she added.

"The World Bank is also interested in providing expert advice on road and railways construction and other things that can drive the economy," Ezekwesili said.

(Xinhua News Agency April 24, 2009)