Despite all the setbacks plaguing economies the world over, Nigeria’s GDP for 2022 is projected to be north of $500billion, the largest in Africa. All eyes are now turned to what these next 12 months could bring Africa’s largest economy.
This is the final credit in a series of three World Bank development policy financing operations totaling $525 million over three years.
The two banks will support trade and economic integration in Africa and across a broad range of trade-enabling sectors, including helping to revive and strengthen the African aviation sector.
The Bank through its Single Digital Market (SDM) initiative aims at supporting the region to become a more deeply integrated and dynamic digital investment, innovation, and growth hub.
This recovery was dampened by global commodity price shocks, the long regional drought, and uncertainty in the run up to the 2022 general elections.
This is sharply lower than the 10.2% increase in 2021, according to the latest World Bank Migration and Development Brief .
The Multilateral Investment Guarantee Agency of the World Bank Group (MIGA) has guaranteed an equity investment by an additional investor to help upgrade Kenya’s national roads network.
To promote inclusive and sustainable development, Nigeria needs to fix its public finances, World Bank
Macroeconomic and fiscal reforms are urgently needed to lift Nigeria’s development outcomes, which are severely constrained by inefficient use of resources, argues the new Nigeria Public Finance Review report.
World Bank Group appoints Nathan Belete as the new Country Director for Malawi, Tanzania, Zambia and Zimbabwe
Mr. Belete is an Ethiopian national and a development professional with over 25 years of work experience across Africa, East Asia, and South Asia.
Supporting initiatives to enhance food safety across the continent was the focus of an African Food Safety Workshop jointly held by the IAEA, the Food and Agriculture Organization (FAO) of the United Nations and the National Metrology Institute of South Africa (NMISA).
Africa CDC in partnership with the Mastercard Foundation, has commenced the Country implementation of the Saving Lives and Livelihoods initiative in Kenya to accelerate the COVID-19 vaccination.
Mozambique receives US$300 million from the World Bank to promote inclusive and sustainable economic recovery
The World Bank Board of Directors approved today a US$300 million grant in support of the Mozambique Institutions and Economic Transformation Development Policy Financing (DPF) operation.
The report, the Namibia Country Private Sector Diagnostic (CPSD) , highlights opportunities for Namibia to attract investment and achieve sustainable private sector-driven growth
Botswana can transform its economy, create jobs, reduce inequality, and achieve a resilient recovery from COVID-19 by increasing private sector participation and investment in its energy, water and sanitation, tourism, and other sectors, according to a new report published today by IFC and the World Bank.
The World Bank has appointed Victoria Kwakwa as the new World Bank Vice President for Eastern and Southern Africa.
World Bank approves $2.3 billion programme to address escalating food insecurity in Eastern and Southern Africa
The World Bank Group has approved a $2.3 billion program to help countries in Eastern and Southern Africa increase the resilience of the region’s food systems and ability to tackle growing food insecurity.
IFC, a member of the World Bank Group, together with four of the top international organizations announced their commitment to develop guidelines that would provide the global market consistency and transparency in financing the blue economy.
Burundi, the Democratic Republic of Congo (DRC), and neighboring countries within the Great Lakes Region of Eastern Africa are set to benefit from the new Great Lakes Trade Facilitation and Integration Project.
Kenya’s growth expected to slow in 2022 due to ongoing drought and Ukraine crisis, World Bank report
Kenya’s real gross domestic product (GDP) is projected to grow by 5.5 percent in 2022 and 5.2 percent on average in 2023–24. This growth rate, while still strong, will be a moderation following a remarkable recovery in 2021 from the effects of the pandemic.
[East Africa Business Week] Bob Koigi: Region bets on $91.5 million budget to drive economic integration
This week, the East African Community has tabled before the East African Legislative Assembly (EALA) the budget estimates for the 2022/2023 Financial Year totaling $91.5 million.
World Bank Appoints Albert G. Zeufack as the new Country Director for Angola, Burundi, DR Congo and Sao Tome and Principe
Dr. Zeufack will lead the implementation of the World Bank’s program in the four countries, which includes an active portfolio of 84 national projects totaling $8 billion financed by the International Development Association.
IFC and the United Nations Sustainable Stock Exchanges (UN SSE), announced an expanded partnership to support stock exchanges and companies in emerging markets in addressing sustainability-related issues.
IFC will work with PNGX Markets Limited to deepen the nation's capital market and boost access to long-term financing for companies in Papua New Guinea.
The World Bank approved a $400 million program to support Morocco’ social protection system, as part of the kingdom’s sweeping reforms to strengthen its social safety nets.
Bamboo Capital Partners has been appointed by the Government of Madagascar and the World Bank as the international fund manager for the Off-Grid Market Development Fund, a $40 million renewable energy access fund.
The World Bank approved an education program supported by a $61.5 million grant from the Global Partnership for Education (GPE) for the Sudan Basic Education Support Project.
The World Bank approved a $50 million grant from the International Development Association (IDA) to improve access to electricity in Sierra Leone and enhance institutional capacity and commercial management of the sector.
Every five years the World Bank takes stock of Mozambique’s development progress and challenges via a Systematic Country Diagnostic (SCD) which informs the institution’s five-year lending and advisory program called Country Partnership Framework.
The World Bank approved $150 million in IDA financing for a program of policy and institutional reforms intended to accelerate human capital development for inclusive economic growth in Rwanda.
The World Bank approved a $100 million grant from the International Development Association (IDA) in support of Maputo Urban Transformation Project.
The World Bank announced an ambitious target for 35% of its financing to have climate co-benefits, on average, over the next five years. It replaces an earlier target of reaching 28% by 2020, which was in place over the last 5 years.
The current portfolio of World Bank supported projects in the COMESA region is close to five billion dollars and set to rise as other programmes are set to come on board.
Instant loans, sometimes called digital loans, are gaining speed in the country and the telecom sector took some giant steps forward this week.
The World Bank has injected GH¢28 million grants into the operations of 400 small and medium enterprises (SMEs) to support their recovery from the COVID-19 pandemic.
To help strengthen Rwanda's tourism sector and create jobs, IFC announced a partnership with 3B Group of Hotels to support the company's expansion and the upgrading of its existing lodges in the country.
The government of Tanzania and the World Bank have signed two concessional loan agreements worth $650 million (about Sh1.501 trillion) for the improvement of education and land administration systems.
The Ghana Landscape Restoration and Small-Scale Mining Project has been launched by the government to strengthen the integration of the country’s natural resource management.
IFC and the World Bank have begun to work with the Government of Nigeria to develop a domestic market for carbon capture, utilization, and storage for industrial emissions.
The World Bank has approved $150 million in financing to strengthen Tanzania’s land administration system and increase tenure security for at least two million land holders, users and their families.
World Bank approves $570m to address food insecurity, boost resilience of food systems in West Africa
Four million people across West Africa stand to benefit from a new multi-phase regional program that will complement and enhance ongoing efforts to reduce food insecurity and improve the resilience of food systems.
[Nigeria Business Week] Andrea Ayemoba: National GDP for Q3 sees increase, amid growing economic concerns
The Nigerian Minister for labour recently has affirmed that more needed to be done in order for the employment crisis to be mitigated. He did allow that much has been done, but a lot of action still was required if the problem was to be tackled from the roots.
The collaboration of government with industries is crucial for economic progress, be the market large or small. Nigeria knows this and is taking steps to work closely and create better transparency in one of the country’s most robust industries.
[Nigeria Business Week] Andrea Ayemoba: Q3 stats show industries thriving, strong investor confidence
Nigeria earns every week its place as Africa’s largest economy. While subject to the typical ups and downs any market is expected to have, its mere size guarantees a general continuity of business operations even in the face of a spiraling inflation trend.
The programme’s development objective is to deliver locally-led climate resilience actions and strengthen county and national governments' capacity to manage climate risks.
The World Bank approved a credit from the International Development Association (IDA) in the amount of $100 million to support Cameroon’s efforts in promoting digital inclusion and the use of digital solutions in the agriculture sector.
Le Groupe de la Banque mondiale (BM) accompagne l’offre de formation de la jeunesse en consentant un financement substantiel d’un montant global de 97,5 millions de dollars au secteur éducatif.
The World Bank Group has appointed Firas Raad as the new Country Manager for South Sudan. He will be leading an expanding country program focused on delivering project financing and analytical services in support of South Sudan’s development priorities.
The United States and international partners are investing $80 billion in Africa’s private sector to help end the COVID-19 pandemic and spur sustainable growth.
On behalf of the World Bank’s Africa Regions, World Bank heartily congratulate all of their Blog4Dev winners who are the torchbearers to Africa’s development journey and serve as important voices in their respective countries.
World Bank appoints Clara Ana De Sousa as new Country Director for Mali, Burkina Faso, Chad, and Niger
The World bank has appointed Clara Ana De Sousa, a Mozambican national, as the new Country Director for the Sahel countries including Mali, Burkina Faso, Chad and Niger effective today. She will be based in Bamako, Mali.
World Bank approves $168m financing for solar energy production, rural electrification in Burkina Faso
The World Bank approved financing of $75 million from IDA and $93 million from the Clean Technology Fund via the Sustainable Renewables Risk Mitigation Initiative (SRMI), to help increase access to electricity in rural areas in Burkina Faso.
World Bank partners with African Union to support rapid vaccination for up to 400 million people in Africa
In a boost to the African Union’s target to vaccinate 60% of the continent’s population by 2022, the World Bank and the AU announced that they are partnering to support the Africa Vaccine Acquisition Task Team (AVATT) initiative.
World Bank and IMF launch high-level advisory group on sustainable and inclusive recovery and growth
The World Bank Group and International Monetary Fund launched a High-Level Advisory Group (HLAG) on Sustainable and Inclusive Recovery and Growth to help secure a strong recovery and set a path for green, resilient, and inclusive development over the coming decade.
The World Bank approved $200 million financing to expand access to high-speed and affordable internet, improve efficiency of digitally enabled public service delivery, and strengthen digital inclusion in Uganda.
A new World Bank Country Engagement Note (CEN) for South Sudan for the period FY21-23 marks a fresh approach to supporting the country and could deliver the largest World Bank program to date over the next year.
Women in the MENA region have long found it difficult to balance the demands of home, family, and work a major reason why only a quarter of Egyptian women work outside the home.
The World Bank approved a $100 million grant from the International Development Association (IDA), in support of the Government of Mozambique’s Economic Linkages for Diversification Project, which supports Micro, Small, and Medium Enterprises.
The Republic of Congo signed an agreement with the World Bank’s Forest Carbon Partnership Facility (FCPF), that will unlock up to $41.8 million for reducing emissions from deforestation and forest degradation and increasing carbon sequestration.
The COVID-19 pandemic has had devastating effects on smallholder farmers in Africa. In some countries, supply chain disruptions have made it hard for farmers to get seeds, fertilizers, and services in time for growing seasons.
The World Bank approved $380 million in financing to support Malawi and Mozambique increase regional trade coordination, reduce trade costs and time, develop regional value chains, and improve access to infrastructure.
The World Bank approved $8 million additional financing from the International Development Association (IDA) to provide The Gambia with safe and effective vaccine purchase and deployment.
The World Bank approved a $500 million International Development Association (IDA) credit to support Ethiopia’s goal of achieving universal electricity access by 2025.
MENA economies face rapid accumulation of public debt, strong institutions will be key to recovery, World Bank
The COVID-19 pandemic exacerbated long-standing development challenges in the Middle East and North Africa (MENA) region, contributing to a rise in poverty, a deterioration of public finances, an increase in debt vulnerabilities.
The economic growth in Sub-Saharan Africa is estimated to have contracted by 2.0% in 2020, closer to the lower bound of the forecast in April 2020, and prospects for recovery are strengthening amid actions to contain new waves of the pandemic.
The World Bank approved additional financing of $210 million in IDA Pre-arrears Clearance Grant and $210 million in donor contributions for the second phase of the Sudan Family Support Program (SFSP), the Thamarat Program.
Liberia’s efforts to transform the lives of poor people have received a huge boost with financing approved by the World Bank.
World Bank add funding to the regional Off-Grid electricity access project to promote solar products in Africa
The World Bank’s Board of Executive Directors approved a total of $22.5 million in additional financing in the form of grants from the International Development Association (IDA) and the Clean Technology Fund (CTF) to support the development of the market for stand-alone solar products in Western and Central Africa.
The World Bank approved a total of $22.5 million in additional financing to the Regional Off-Grid Electricity Access Project (ROGEAP), to support the development of the market for stand-alone solar products in Western and Central Africa.
The World Bank approved $50 million in financing to support a disaster and climate resilience project in Tunisia, complemented by French Development Agency (AFD) financing equivalent to $50 million, a total package of $100 million.
The World Bank approved a $440 million loan to support Egypt’s initiatives to enhance the safety and service quality of the country’s railways.
Mozambique’s economy is expected to gradually recover from 2021 but substantial downside risks remain due to uncertainty surrounding the path of the COVID-19 pandemic.
World Bank Group President David Malpass has announced the appointment of Makhtar Diop as Managing Director and Executive Vice President to head the International Finance Corporation (IFC), an arm of the World Bank Group.
The World Bank approved an additional financing of $5 million from the International Development Association (IDA) to provide the small island nation of Cabo Verde with affordable and equitable access to COVID-19 vaccines.
The coronavirus pandemic had a remarkable effect on Morocco’s economy, as with most countries around the world, so how is their economy now?
Rwanda’s economy has fallen into its first recession due to the COVID-19 (coronavirus) pandemic and could potentially compromise years of gains in poverty reduction, the World Bank said Monday.
The Rwandan economy has fallen into its first recession due to the COVID-19 (coronavirus) pandemic and could potentially compromise years of gains in poverty reduction.
The World Bank approved $500 million to support the government of Nigeria in improving its electricity distribution sector.
Madagascar signed an agreement with the World Bank’s Forest Carbon Partnership Facility (FCPF), unlocking up to $50 million for efforts to reduce carbon emissions from deforestation and forest degradation between 2020 and 2024.
Germany is contributing €10 million to the HEPR Program to help developing countries respond to the health consequences of COVID-19 and increase investments in health preparedness and emergency response.
The World Bank plans to invest over $5 billion over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods across 11 African countries on a swathe of land stretching from Senegal to Djibouti.
Global economy to expand by 4% in 2021, vaccine deployment and investment key to sustaining recovery, World Bank
The global economy is expected to expand 4% in 2021, assuming an initial COVID-19 vaccine rollout becomes widespread throughout the year.
Egypt could unleash economic growth and create more and better jobs by addressing constraints to private sector activity, according to a report published by the World Bank Group.
The World Bank approved a $60 million International Development Association (IDA) grant to help African countries strengthen the resilience of their agricultural sectors to the threat posed by climate change.
The World Bank approved $150 million in additional financing for Morocco’s Urban Transport Program, which started in 2015, to strengthen the country’s capacity to offer quality service in public transport.