The World Bank has announced $57 billion in financing for sub-Saharan Africa over the next three fiscal years, RIA Novosti reported.
Of that total, $45 billion will come from the International Development Association, the World Bank fund that provides grants and interest-free loans for the world's poorest countries.
World Bank president Jim Yong Kim said that this is an unprecedented opportunity to change the trajectory of development in the region.
According to him, new credit lines will help development of education, basic medical care, supply of the population with drinking water. He added that will also help agriculture, infrastructure and institutional reforms in a number of countries.
The package will also feature an estimated $8 billion in private sector investments from the International Finance Corporation, a private-sector branch of World Bank, and $4 billion will come from the International Bank for Reconstruction and Development, the bank's unit for middle-income nations, World Bank president Jim Yong Kim said in a stateme