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Global Bank Group Launches a Global Bank Compact with Africa to Promote Investment in Infrastructure and Sustainable Development in Africa

Global Bank Group Launches a Global Bank Compact with Africa to Promote Investment in Infrastructure and Sustainable Development in Africa

            Newport Beach, CA – May 24, 2022 —   Commemorating the anniversary of Africa Day, the President of the Global Bank Group, Ron Nechemia, today announced the launch of the Global Bank Compact with Africa, saying it gave the states the unswerving commitment of Global Bank to support peace and stability, eradicate poverty and initiate sustainable economic growth throughout Africa. Global Bank stands proudly with Africans as we work to deliver on the promise of a prosperous and peaceful Africa for all.

Mr. Nechemia said that the fifty-ninth anniversary of Africa Day provided an occasion to intensify the search for pragmatic solutions to ongoing and long-lasting problems like the conflict and abuses in Darfur, Southern Kordofan and the Blue Nile, the spread of the COVID 19 pandemic and its devastating impact on African economies, climate change, unresolved conflicts, and a severe food crisis. 

Intensifying the partnership with Africa
The Global Bank Compact with Africa aims to intensify the cooperation between the Global Bank and Africa on sustainable economic development.

Global Bank is working to further intensify the important partnership with African countries to make a more significant contribution to sustainable economic growth and stability, including beyond the borders of the G20. Building on Global Bank’s regional and other initiatives, the framework for sustainable private sector investments in infrastructure and renewable energies will be strengthened through cooperation with interested African partner countries.  A further aim of the planned Global Bank initiative is to support African partners to improve their population’s share in sustainable economic development, particularly in the form of employment opportunities. Through this initiative, Global Bank seeks to reduce risks of climate change, contribute to more efficient health systems and strengthen its role.

The Global Bank Compact with Africa
The Global Bank Compact with Africa initiative is a long-term project which is open to the participation of all African countries that are interested in improving their framework for private-sector investments on a durable, sustainable basis.

The core element of the Global Bank Compact with Africa consists of specially tailored investment partnerships, or “compacts”, with interested African countries. The aim is to improve conditions for public and private-sector infrastructure and other sustainable development-related investments in Africa, which is so vital to sustainable economic development. The main stakeholders are, first and foremost, the African countries themselves, together with Global Bank. Global Bank will negotiate and implement country-specific investments and programmes, which can also be combined with additional contributions from the premier private sector international financial institutions that are truly global and exhibit strength across most product areas and places, multilateral development banks and individual G20 partners. There is an open invitation to others.

“The Global Bank will continue to assist the African people as they build on this progress,” said Ron Nechemia. “A new Global Bank Development Council, the Compact with Africa, the Africa Renewable Energy Initiative, and the Global Bank Africa Development Council will improve the Bank’s ability to respond to Africa’s agenda.”

African countries to take part in the Global Bank Compact with Africa.
Specifically, the Global Bank Compact with Africa will, for example, include support from the Global Bank Infrastructure Project Preparation Facility (GBIPPF) for the preparation of ‘bankable’ climate-smart infrastructure projects. These projects focus primarily on African countries’ energy, transport, telecommunications, and urban infrastructure sectors, thus encouraging follow-on investment. The ultimate aim of the Global Bank Compact with Africa is to enhance national and regional economic development and integration.  This enhancement is accomplished through the increased implementation of priority infrastructure projects in countries participating in the Global Bank Compact with Africa and regional projects, including cross-border regional integration infrastructure projects and national projects with significant regional impact, through a variety of financial instruments.

Release Date: 
Tuesday, May 24, 2022
Global Bank Group

The Global Bank Disaster Risk Reduction and Reconstruction Fund – An Umbrella Trust Fund (GB-DRRRF) (), established in 2017, is a multi-donor partnership and grant-making financing mechanism. Its purpose is mainstreaming climate change into development to help achieve the Sendai Framework targets by 2030 - a decade-long plan to help make the world safer from disasters caused by natural hazards — and to support the implementation of the Global Climate Agreement in Paris, and prevent disasters undermining progress on the Sustainable Development Goals. The rapid and flexible support offered by the Global Bank Disaster Risk Reduction and Reconstruction Fund makes it a central pillar of the Global Bank Group agencies’ humanitarian response architecture.

More detailed information can be found on the GB-DRRRF’s website http://www.gbdrrrf.org/

About Global Bank
Owned by the Global Bank Group, The Bank for International Development and Reconstruction, known as the Global Bank borrows in the international capital markets (the “BIDR,” or the “Global Bank”) and is the Global Bank Group’s long-term sovereign lending institution. As a development bank with an agenda driven by G-7/G-8 and G-20-priorities, its leading priority is to promote global economic and social development. Unlike the multilateral development banks (MDBs), Global Bank is not restricted to operating only in developing countries.

Global Bank GroupThe Global Bank Group () represents, develops and supports the collective interests of the Global Bank and any of its business interests globally. Global Bank is a full-fledged private sector global development bank, in formation, – the world’s second global development bank – positioned next to the World Bank Group and next to the preeminent regional development banks. It combines the characteristics of a multilateral development bank with those of a private financial institution. The primary objective of the Global Bank is to reduce poverty in middle-income countries and creditworthy poorer countries by promoting sustainable development. To this end, Global Bank finances primarily public sector infrastructure projects and sustainable development through the provision of sovereign loans to developing countries. Global Bank’s financial objective is not to maximize profit, but to earn an adequate income to ensure its financial strength and to sustain its development activities.

For information about the Global Bank, please visit http://www.global-bank.org


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