World Bank signs grant with AU for development

 The World Bank and African Union (AU) Commission signed a 25-million-U.S.-dollar grant to support development of the AU Commission and other AU organs.
The grant was signed in Washington on Friday by Jim Yong Kim, President of the World Bank, and Nkosazana Dlamini-Zuma, Chairperson of the AU Commission, according to a AU statement released on Saturday.
The funding will strengthen capacity of the AU Commission to facilitate economic development and transformation by improving institutional efficiency, said the statement.
"Our partnership with AU Commission opens new doors for collective action by bringing global solutions for the benefit of Africa to promote economic transformation and development," said Jim in the statement.
Zuma appreciated the World Bank for its support to the African Union as an organization that represents 54 African member states, according to the statement.
She added that the support from the World Bank would help enhance corporate governance and management systems at the pan- African organization to improve the lives of Africans.