World Bank Approves $240M for Regional Economic Program Launch

March 22, 2026 Priya Shah – Business Editor Business

The World Bank approved $240 million in financing on Tuesday to launch the first phase of the Regional Program for the Blue Economy and Coastal Resilience in West Africa (WACA+), according to a press release issued March 17, 2026.

The funding, comprised of $207 million from the International Development Association (IDA), $5 million from the PROBLUE Trust Fund, and $28 million in private capital, will support Benin and Mauritania in protecting vulnerable coastlines from erosion and flooding, strengthening blue economy value chains, and creating jobs, the bank stated.

Coastal areas of West Africa, home to over 360 million people, are key drivers of economic growth, but are facing increasing pressures on livelihoods in sectors like tourism, fishing, aquaculture, and port services, all of which hold significant job creation potential. WACA+ aims to provide targeted investments to protect these economies and support sustainable employment growth, according to Chakib Jenane, World Bank Regional Director for the Planet Competency Pole.

“The coastal communities of West Africa are on the front lines of climate change, facing the loss of ecosystems and economic assets they depend on. WACA+ brings the integrated response these challenges demand,” Jenane said in the press release.

The program is the first phase of a larger regional initiative. A separate announcement on February 26, 2026, detailed a new regional program designed to support large-scale job creation in Eastern and Southern Africa, aiming to equip 18 million youth with improved education and training by 2034. This program, dubbed “Skills for Economic Transformation and Employment” (SET4Jobs), is intended to open opportunities in key economic sectors and contribute to millions of new jobs.

The need for job creation is particularly acute in Africa, where approximately 8 million young people enter the labor market annually in Eastern and Southern Africa, but fewer than one million secure formal employment. An estimated 6.5 million youth, including 3.6 million women, are currently not in education, employment, or training, according to the World Bank.

The World Bank also publishes semi-annual economic projections for developing regions, including Sub-Saharan Africa, to inform macroeconomic perspectives and regional development trends.