Despite the stated commitments of the World Bank, the G-8 and other donors to poverty reduction and sustainable development in Africa, the number of Africans living in poverty is increasing. Today, over half of the continent’s 750 million people subsist on less than one dollar a day – nearly twice as many as a quarter century ago – and 34 of the world’s 48 poorest countries are found in Africa.
The severity of poverty on the continent continues to pose an enormous challenge to African countries and contributes to a cycle of dependence on finances provided by the World Bank Group (WBG) and other international financial institutions (IFIs). The 47 countries of sub-Saharan Africa together receive the largest share of World Bank's International Development Association (IDA) lending of any region in the world, and the International Finance Corporation (IFC) is the largest single source of financing for private sector investment on the continent. External aid from the WBG and other donors has contributed to the crippling debt burdens facing most African countries today. At the same time, the conditions for accessing external aid often require economic reforms that cater to companies over communities.
BIC's Africa Program
BIC’s Africa Program provides information and strategic advice to African civil society organizations and communities affected by the projects and policies of IFIs. It works with a network of partners actively involved in IFI issues in Africa, assisting them to monitor IFI projects and policies while amplifying the voices of affected peoples.
In response to the questionable track record of IFI support for investment in natural resources and energy sector development on the continent, BIC’s Africa Program focuses primarily on issues of transparency, accountability and the social, environmental and economic impacts of these activities as they affect the poor.
Taking advantage of its location in Washington, D.C., BIC’s Africa Program engages directly with the World Bank Group headquarters and the US Government to help gather information for BIC’s partners on the ground in sub-Saharan Africa and to ensure that their views are heard by decision-makers here.
Visit BIC's IFIs in Africa News Briefing webpage for the latest news and analysis on IFI involvement in Africa.