The current economic crisis and Africa

http://www.cfr.org/publication/17551/
This link is to the Council on Foreign Relations site. With the news still dominated by the financial meltdown in the US and Europe this item talks of some of the possible impacts on Africa. It’s an interview piece with Shantayanan Devarajan, the Chief Economist of the World Bank’s Africa Region. He talks about the banking systems in Africa, private investment levels and the World Bank’s role in all of this. Specifically relating to agriculture the following question was posed; “Do you anticipate that some of that kind of funding might need to go toward the agricultural sector?” To which Mr Devarajan replied:

“With agriculture we [the World Bank] are scaling up our program and we’re planning to lend about $700 million to $800 million this year. But that’s official aid, so I don’t think that should be facing a shortfall, because that’s government aid, that’s our aid money that’s already pledged. So this is really about the public-private partnerships for large infrastructure projects like electricity plants and things like that.”

Further discussion on the topic can be found on his blog. The item referenced outlines 4 possible implications for Africa in light of the recent turmoil in global financial markets.

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