Nigeria, Ethiopia, Others Among Biggest Beneficiaries of World Bank Funding
- Infrastructure development is being actively accelerated by governments throughout the continent in a number of different regions
- The World Bank's lending arm, the International Development Association (IDA), has contributed more than US$287 billion in total
- With an emphasis on reaching isolated regions of the continent, the financing is intended to help development in the world's poorest nations
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
With an emphasis on reaching isolated and underserved regions of the continent, the World Bank's lending arm, the International Development Association (IDA), was founded in 1960 and has since disbursed over US$287 billion in finance to help development in the world's poorest nations.
Source: Getty Images
African nations have received slightly over US$210 billion in IDA disbursements over the program's existence, or almost 73% of the total.
With $41.8 billion, or 14.5% of the lending, East Asia is the second-largest region to receive funds from the IDA.
After 2001, the frequency and volume of lending then generally decreased up until 2009, when the Global Financial Crisis resulted in countries needing additional finance to cover the external shocks.
The most recent peak of IDA lending was during the COVID-19 crisis, with 2021 recording 273 times, resulting in a new peak.
Eight of the top ten IDA recipients are African nations; the only two non-African nations are China and Vietnam.
Source: Getty Images
The top ten nations that benefited most from IDA funds between 1961 and 2024 are listed below;
Ethiopia - $23.4b
Ethiopia tops the list of countries that benefited from the IDA. From 1961 to 2024, report showed that the country received a total of $23.4b in World Bank funding.
Nigeria - $18.8b
Nigeria is next in line, ranking second after Ethiopia. The country has received $18.8 billion from the World Bank in over 60 decades.
Vietnam - $18.5b
Vietnam ranks third on the list coming behind Nigeria. According to report, a total of $18.5 billion has been gotten so far from the World Bank between 1961 to 2024
Tanzania - $16.7b
Tanzania ranks fourth on the list. In over 60 decades, the country has garnered $16.7 billion in World Bank funding.
Kenya - $14.8b
Kenya follows Tanzania, ranking fifth on the list. The report showed that Kenya has received $14.8 billion in World Bank funding since 1960.
DR Congo - $11.4b
DR Congo is next on the list of top IDA recipients. For over 60 years, the country has received $11.4 billion from the World Bank.
Ghana - $11.2b
According to the report, Ghana comes next on the list ranking seventh with $11.2 billion benefit in total from the IDA.
China - $10.2b
China received $10.2 billion from the World Bank in 63 years, ranking eighth on the list of IDA recipient countries.
Uganda - $9.8b
Uganda comes next, ranking ninth, with a total of $9.8 billion in World Bank loans gotten in over 60 decades.
Mozambique - $9.3b
Mozambique emerges on the bottom list of top 10 IDA recipients countries from 1961 to 2024. The country has so far benefitted $9.3 billion from the World Bank.
FG Repays Chinese, IMF, World Bank Loans
Legit.ng reported that the Nigerian government spent $3.58 billion servicing foreign debt in the first three quarters of 2024, representing a 39.77% increase from the $2.56 paid during the same period in 2023.
Central Bank of Nigeria (CBN) data shows the amount spent on international payments within that period.
The rise in external debt service payments indicates the pressure on Nigeria’s financial balance amid economic challenges.
Source: Legit.ng
