In this article, TRIBUNE ONLINE highlights top six leading debtors to the World Bank’s International Development Association (IDA) in Africa, as per the Bank’s financial statement.
The IDA, a World Bank entity, aims to reduce poverty and inequality while fostering economic growth, job creation, and infrastructure improvements. Managed by 173 shareholder nations, IDA provides loans and grants to support development in low-income regions.
Here are the top 6 African countries with the highest debt to the World Bank’s International Development Association (IDA) as of June 30, 2024:
1. Nigeria: $16.5 billion
Nigeria’s significant borrowing needs, particularly in critical sectors like infrastructure, health, and education, have contributed to its high debt.
2. Ethiopia: $12.2 billion
Ethiopia’s ambitious infrastructure projects aim to transform the country into an industrial hub, but the debt burden has intensified amid political unrest and conflict.
3. Kenya: $12 billion
Kenya has borrowed heavily to fund infrastructure development, including roads, ports, and power projects, sparking concerns about sustainability and potential debt traps.
4. Tanzania: $11.7 billion
Tanzania’s focus on infrastructure, agriculture, and energy sectors supports its goal of achieving middle-income status, but rising debt has sparked concerns about future public spending.
5. Ghana: $6.7 billion
Ghana’s debt is tied to development goals in energy, infrastructure, and social services, with concerns about the country’s ability to manage fiscal deficits and meet public service delivery expectations.
6. Uganda: $4.8 billion
Uganda’s loans have funded key sectors like infrastructure, education, and health, but rising debt has drawn criticism about the country’s long-term ability to service its debt.
- Additional details extracted from BusinessDay
ALSO READ THESE TOP STORIES FROM NIGERIAN TRIBUNE
