Strengthening climate resilience in Africa
The World Bank says climate change and other shocks are a key focus of its work in Africa as the continent battles stagflation-like conditions after Russia invaded Ukraine, setting off geo-political tensions that its sister organisation the International Monetary Fund says may cost the region as much as $10 billion in investment. CNBC Africa's Godfrey Mutizwa spoke to the World Bank’s Managing Director for Operations, Anna Bjerde after she visited cyclone-hit Malawi.
Tue, 02 May 2023 12:41:31 GMT
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AI Generated Summary
- The World Bank is intensifying its efforts to address climate change and other shocks in Africa, particularly in countries like Malawi, where environmental degradation and inadequate infrastructure compound the impact of natural disasters.
- An emphasis on building resilience against climate change, supporting human capital development, and fostering inclusive economic growth are key priorities for the World Bank in combating poverty and promoting long-term sustainability in African nations.
- The bank's new operating model aims to streamline operations, enhance collaboration with its subsidiaries, and tackle global challenges at the country level, reflecting a renewed commitment to eradicating extreme poverty and bolstering financial capacity.
The World Bank has highlighted climate change and other shocks as a major area of focus for its work in Africa as the continent grapples with economic challenges exacerbated by the recent geopolitical tensions stemming from Russia's invasion of Ukraine. Anna Bjerde, the World Bank's Managing Director for Operations, recently visited Malawi, a country facing the aftermath of Cyclone Freddie and a cholera outbreak, to assess the impact and explore avenues for support. In a conversation with CNBC Africa, Bjerde emphasized the need for addressing underlying structural issues that have worsened the impact of natural disasters in Malawi. These include environmental degradation, low productivity in agriculture, and inadequate infrastructure such as limited access to electricity and clean water. She stressed the importance of building resilience against climate change and supporting the development of human capital and inclusive economic growth to combat poverty in the country. Bjerde noted the World Bank's dual approach in Malawi, focusing on crisis response to meet immediate needs as well as sustainable projects to foster long-term development. The bank aims to provide technical assistance, financial support, and capacity building to ensure inclusive solutions that empower vulnerable populations. Despite the challenges posed by rising global interest rates and debt distress in low-income countries, Bjerde expressed the importance of debt sustainability and effective debt management to safeguard economic stability. She highlighted the Common Framework as a crucial mechanism for coordinating discussions with various creditors to alleviate debt burdens. Additionally, Bjerde shed light on the bank's new operating model, which aims to enhance efficiency and collaboration across different arms of the institution to address global challenges at the country level. The evolution roadmap focuses on eradicating extreme poverty, improving operational effectiveness, and bolstering financial resources to better serve the bank's mission. Bjerde's visit to Malawi underscored the World Bank's commitment to supporting the country in building climate resilience, fostering economic growth, and overcoming the dual challenges of poverty and environmental degradation. By addressing structural issues, promoting sustainable solutions, and advocating for inclusive development, the bank strives to empower Malawians and other African nations to withstand future shocks and thrive in the face of adversity.
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