adsThe World Bank Group is expanding the use of risk guarantees across Africa in a major push to attract private investment into sectors critical for job creation and electricity access, as the continent’s young and rapidly growing workforce places mounting pressure on governments to deliver economic opportunities.
The World Bank Group Guarantee Platform, housed at the Multilateral Investment Guarantee Agency (MIGA), said it aims to more than double its annual issuance of guarantees in Africa to $6.4 billion by 2030.
The initiative is expected to mobilise about $23 billion in private capital over the next four years for projects spanning agribusiness, energy, infrastructure, healthcare, finance, trade and digital services.
The institution said the guarantees are expected to improve the lives of around 190 million people across the continent over the next four years, including expanding access to electricity, broadband internet, finance and sustainable transport services.
Africa’s working-age population is projected to rise by 740 million over the next three decades, while as many as 12 million young people are expected to enter the labour market every year, intensifying the need for large-scale investment in job-rich sectors.adsads
