Press release
19 December 2007
Ministry for Foreign Affairs
Sweden to invest a further SEK 8 billion in Africa
Sweden has contributed to a record-breaking topping up of the World Bank fund for the poorest countries, the International Development Association (IDA) to the tune of USD 25 billion. Last week, Sweden and other donor countries decided to give a similar boost to the African Development Fund's resources by donating over USD 8.5 billion.
The Swedish contributions to the World Bank/IDA and the African Development Fund will amount to almost SEK 8 billion for the three-year period 2008-2010.
More efficiency
In both these institutions, the Government has successfully pushed for a policy for more efficient use of development assistance funds and clearer reporting of results, in line with the Government's strategy for multilateral development cooperation. Sweden has also successfully advocated that both banks increase their commitment to fragile states and to the climate area.
"I am very pleased that Sweden has gained support in the World Bank and the African Development Bank for the emphasis on efficiency and results that now characterises the Government's development assistance policy," comments Minister for International Development Cooperation Gunilla Carlsson.
"The fact that an increasing number of countries are now taking greater responsibility for funding these institutions, which have an extremely important role to play in the fight against poverty in the world's poorest countries, is the successful result of Swedish action," says Ms Carlsson.
