spot_img

Ghana Ranked 7th Globally as Major Recipient of World Bank Funding

Published on

spot_img

Ghana has emerged as the seventh-largest recipient of World Bank funding globally, with a total of $11.2 billion disbursed by the International Development Association (IDA) between 1961 and 2024.

Ethiopia tops the list, having received $23.4 billion, followed by Nigeria with $18.8 billion, and Vietnam with $18.5 billion. China, meanwhile, ranks eighth, with $10.2 billion in IDA funding.

Notably, eight of the top ten beneficiary nations are in Sub-Saharan Africa.

The IDA, a key financing arm of the World Bank established in 1960, focuses on supporting development in the world’s poorest nations, often targeting underserved and remote regions. Over its lifetime, the IDA has disbursed more than $287 billion globally.

Africa has been the largest recipient region, accounting for 73% of total IDA disbursements, equivalent to over $210 billion. East Asia follows with $41.8 billion, representing 14.5% of the funding.

Other regions include Europe and Central Asia with $17.5 billion (6.1%), Latin America and the Caribbean with $11.2 billion (3.9%), and the Middle East, which received the least at $7.1 billion (2.5%).

The IDA’s funding aims to foster economic development, reduce poverty, and improve infrastructure across the globe.

Source:TheDotNews

Latest articles

Gov’t revokes licenses of four vessels for illegal fishing

The Ministry of Fisheries and Aquaculture Development, along with the Fisheries Commission, announced the...

Minority warns Ghana against becoming a haven for Pirates and Drug Trafficking

Minority Caucus has expressed growing concerns over the increasing threats of piracy, drug trafficking,...

African swine fever outbreak in Damongo claim hundreds of pigs

An outbreak of African Swine Fever (ASF) has struck Damongo, the capital of Ghana’s...

Avedzi calls for tougher penalties for corrupt Officials beyond financial recovery

James Klutse Avedzi, former Chairman of Ghana's Public Accounts Committee (PAC), has called for...

More like this

Gov’t revokes licenses of four vessels for illegal fishing

The Ministry of Fisheries and Aquaculture Development, along with the Fisheries Commission, announced the...

Minority warns Ghana against becoming a haven for Pirates and Drug Trafficking

Minority Caucus has expressed growing concerns over the increasing threats of piracy, drug trafficking,...

African swine fever outbreak in Damongo claim hundreds of pigs

An outbreak of African Swine Fever (ASF) has struck Damongo, the capital of Ghana’s...

Discover more from The Dot News

Subscribe now to keep reading and get access to the full archive.

Continue reading