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FINANCIAL NEWS
World Bank to speed up Sudan’s aid
19 Feb 2010
(MENAFN) The World Bank (WB) said that it should speed up funding for rebuilding war-torn South Sudan, but also said that this aid should not be wasted through corruption or mismanagement, Reuters reported.
Western donors have been criticizing the World Bank Multi Donor Trust Fund (MDTF) for being too slow to pay out the funds into the ailing country.
Donors said the funds had been tied up by red tape and only $188.1 million of the $524.1 million of funds given to the trust fund had been disbursed since Sudan ended more than 2o years of north-south civil war in 2005.
Responding to criticisms, Vice-president for the World Bank’s Africa Department, Obiageli Ezekwesili, said that the institution was working with donors and the government to speed up implementation of rebuilding programs. It had a high-level mission on the ground looking at the issue, she said.
Ezekwesili acknowledged that the fund needs to move much faster, while still ensuring the proper use of funds, and continue to look for ways to speed up the program’s effectiveness, including channeling money through faster mechanisms.
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