Developed states must help Africa despite crisis: WB

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BERLIN, Oct 12 (Internet): Developed countries should do more to help Africa in the turbulent economic climate and not just "look after themselves," Germany's executive director at the World Bank said Saturday.
Michael John Hofmann told the German radio station Deutschland Radio Kultur that countries such as the United States "are forgetting about the consequences of the (financial) crisis" which is impacting heavily on Africa.
"The crisis threatens to bring about a fall in (economic) growth, while the price of food is already increasing and inflation fluctuates between 20 and 60 per cent, depending on the country," Hofmann said.
Germany's Economic Cooperation and Development Minister Heidemarie Wieczorek-Zeul said Friday that developed countries should continue to help the world's poorest countries.
"We are faced with a dramatic situation in developing countries... it's in the interest of developed countries that the gap between the rich and poor doesn't widen," she said, adding that better regulation of financial markets would benefit developing countries.
Wieczorek-Zeul made her comments in Washington at the World Bank's annual meeting.
The World Bank has 185 countries among its members. Its role is to provide loans to help poorer countries invest in development projects.