The World Bank says its Sub-Saharan Africa Regional portfolio will now be managed by two Vice Presidents, covering Western and Central Africa, and Eastern and Southern Africa.
The Bank said in a statement, on Wednesday, that the realignment, considered as a sign of its strong commitment to Africa, would take effect from July 1.
The region has been led since 2018 by Hafez Ghanem, who just took on the role of Vice President for Eastern and Southern Africa.
According to the statement, Ousmane Diagana will now join him, to become Vice President for Western and Central Africa as from Wednesday, July 1.
The bank stated that Diagana’s appointment came as it was looking to strengthen the delivery of its Africa programme and further improve its operational focus on regional portfolios to better support the transformational improvements that were possible in Africa.
The World Bank is expected to lend about $50 billion to 48 countries in Sub-Saharan Africa, which is significantly more than any other region and making up about one-third of its entire portfolio.
The bank added that these financing volumes were almost double what the region delivered ten years back.
It explained that the portfolio included projects and programmes in agriculture, trade and transport, energy, education, health, water and sanitation.
According to the bank, the growth in financing to fragile states has been even higher with about two-thirds of its financing to fragile states happening in Africa.