The global financial crisis halted half a decade of high economic growth in many African countries, significantly pulling down the average growth rate from 6.1 percent in 2007 to a projected 1.7 percent in 2009. Remittances and the private capital flows were also diminished, slowing down progress toward the Millennium Development Goals. 

In fiscal 2009, the IBRD and IDA commitments to Africa constituted 17 percent of World Bank lending, totaling $8.2 billion, a $2.5 billion increase compared to the previous year. More than half of total IDA commitments, 56 percent, went to support projects in Africa. The sectors that received the largest funding were Law, Justice, and Public Administration; Energy and Mining; and Agriculture, Fishing, and Forestry. Together, these three sectors received almost 51% of all funds to the region.