PRETORIA, July 23, 2024 - A delegation of the World ¶¹ÄÌÊÓƵAPP Group¡¯s (WBG) Board of Executive Directors (EDs) noted South Africa¡¯s and Namibia¡¯s progress in achieving their development goals and re-affirmed World ¶¹ÄÌÊÓƵAPP Group¡¯s commitment to providing support. The 11 EDs and Alternate EDs were hosted by the World ¶¹ÄÌÊÓƵAPP and International Finance Corporation (IFC) country offices during their recent visit on July 7-13.
The visit provided a platform to assess progress with projects and engage on the evolution of the World ¶¹ÄÌÊÓƵAPP Group¡¯s relationship with the countries, from a knowledge-focused to a broader knowledge and financing partnership. EDs met government and business leaders, local stakeholders, and project beneficiaries, and experienced first-hand how the countries manage development priorities and challenges. South Africa and Namibia have common challenges, including poverty, unemployment, and inequality. Throughout the visit, the delegation discussed the ongoing and future support from the World ¶¹ÄÌÊÓƵAPP Group to boost inclusive economic growth and job creation.
In South Africa, over the past three years the country has shifted from being a non-borrowing client to borrowing over $1 billion per year from the World ¶¹ÄÌÊÓƵAPP.?South Africa also constitutes the largest IFC portfolio in Africa and the Multilateral Investment Guarantee Agency¡¯s (MIGA) second largest on the continent.
In Namibia, the World ¶¹ÄÌÊÓƵAPP Group is preparing?a new Country Partnership Framework (CPF) with the government that will strategically guide its support as the engagement continues to grow. ¶¹ÄÌÊÓƵAPP recently approved a $138.5 million renewable energy and transmission loan to NamPower, after 15 years without borrowing.
Key highlights of the visit included:
- In South Africa, the delegation met with the Minister of Finance Honorable Enoch Godongwana, and the Minister of Electricity and Energy Honorable Kgosientsho Ramokgopa. EDs visited two IFC clients and two World ¶¹ÄÌÊÓƵAPP projects which showcased support for key government priorities and demonstrated how these projects link to global issues and corporate initiatives such as the just energy transition, health, urban development, and subnational government engagement. The delegation toured and engaged with stakeholders at the Komati power station ¨C the site of the Eskom Just Energy Transition Project; the Addo Elephant Park that houses the innovative and the IFC-supported and that manufactures vaccines locally.
- In Namibia, the delegation met with Minister of Finance and Public Enterprises Honorable Ipumbu Shiimi and key stakeholders, including development partners and the private sector. The delegation visited informal settlements near Windhoek to gain insights on housing related issues, a sector where IFC is investing and which?the government has?identified as a priority for World ¶¹ÄÌÊÓƵAPP Group engagement.
Matteo?Bugamelli,?the World ¶¹ÄÌÊÓƵAPP¡¯s Executive Director who represents the constituency of countries including Albania, Greece, Italy, Malta, Portugal, San Marino, and Timor-Leste,?expressed optimism about the countries' progress. He emphasized the World ¶¹ÄÌÊÓƵAPP Group's commitment to helping South Africa and Namibia address unemployment and inequality challenges. He particularly welcomed the increased financing to support the implementation of much needed reforms.
About the World ¶¹ÄÌÊÓƵAPP Group¡¯s Board of Directors:?The Board of Executive Directors is responsible for the conduct of the general operations of the ¶¹ÄÌÊÓƵAPP, making decisions on loans, credits, grants, policies, and financial matters. The Board consists of 25 members who represent the 189 member countries, providing guidance for the institution's development activities.
Visiting Board Officials: The delegation included?Mr. Abdulaziz E A Almulla (Executive Director for Bahrain, Arab Republic of Egypt, Jordan, Iraq, Kuwait, Lebanon, Maldives, Oman, Qatar, United Arab Emirates, West ¶¹ÄÌÊÓƵAPP and Gaza, and Republic of Yemen); Mr. Matteo Bugamelli (Executive Director for Albania, Greece, Italy, Malta, Portugal, San Marino, and Timor-Leste); Ms. Ayanda Dlodlo (Executive Director Angola, Nigeria, South Africa); Mr. Floribert Ngaruko (Executive Director for Botswana, Burundi, Eritrea, Eswatini, Ethiopia, The Gambia, Kenya, Lesotho, Liberia, Malawi, Mozambique, Namibia, Rwanda, Seychelles, Sierra Leone, Somalia, South Sudan, Sudan, Tanzania, Uganda, Zambia and Zimbabwe); Ms. Katharine?Rechico (Executive Director for Antigua & Barbuda, The Bahamas, Barbados, Belize, Canada, Dominica, Grenada, Guyana, Ireland, Jamaica, St. Lucia, St. Kitts & Nevis and St. Vincent & the Grenadines); and Mr. Tauqir Shah?(Executive Director for Afghanistan, Algeria, Ghana, Islamic Republic of Iran, Morocco, Pakistan, and Tunisia.
Visiting Alternate Executive Directors: Mr. Louis?Albisson (Alternate Executive Director for France); Mr. Felice Gorordo?(Alternate Executive Director for the United States), Mr. Koji Uemura (Alternate Executive Director for Japan); Ms. Kerstin Sumana?Wijeyewardene (Alternate Executive Director for Asia and the Pacific Constituency) and Mr. Weifeng?Yang (Alternate Executive Director for China).
Included in the delegation was Ms. Mercy Tembon, World ¶¹ÄÌÊÓƵAPP Vice President and Corporate Secretary.
