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Pittsburgh, US (pte028/20.05.2005/12:41) - In a talk given to students in Pittsburgh on Thursday Dr. Geoffrey Lamb, vice president for concessional finance and global partnerships at the World Bank http://www.worldbank.org , admonished the rest of the world that without its help, Africa would continue to suffer in areas of economy and security. Without aid, Lamb said, Africa's poverty might negatively influence the rest of world.
"By 2015, most of Asia and Latin America are going to be OK," Lamb said. "Bangladesh is going to be OK."
"There are 700 million people in sub-Saharan Africa," Lamb continued. "There will be a billion in 20 years. If you think you can leave a billion people out of a functioning world economy, you're mistaken."
The average per-capita annual income in sub-Saharan Africa, is a mere $350, Lamb said.
In order to modernise its economies the continent must improve the quality of roads and railroads across its vast terrain, which would help reduce the currently 70 per cent greater export costs that Africa faces.
Africa's debt to first world countries and financial institutions like the World Bank is crippling the continent's economy. Nigeria, the African country with the most potential due to its oil reserves, is finally starting to combat its political problems, Lamb said.
According to Lamb, international aid is necessary, but he acknowledged that it is foremostly in the hands of the African nations to pull themselves out of the economic quagmire they are currently facing.
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