A GROUNDBREAKING $90bn initiative led by the World Bank and the African Development Bank aims to provide electricity to 300 million Africans by 2030. With an initial commitment of $30bn already in place, this ambitious plan seeks to address Africa’s energy crisis, where more than 600 million people—almost three-quarters …
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ETHIOPIA’S House of Peoples’ Representatives (HoPR), the lower chamber of parliament, approved $1.5bn in financial agreements with the World Bank’s International Development Association (IDA) on Wednesday. These agreements are set to bolster the country’s economic reform efforts. The financial package includes a $1bn grant and a $500 million concessional loan, …
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THE World Bank announced on Friday a significant commitment of $100 million to accelerate Zambia’s digital infrastructure and expand internet access. This investment will be channelled through the Digital Zambia Acceleration Project, funded by the International Development Association. Zhang Wencai, Managing Director and World Bank Group Chief Administrative Officer, made …
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THE World Bank has sanctioned a $208 million grant to assist Zambia in alleviating the severe social and economic repercussions of a prolonged drought that has gripped the southern African nation. This announcement was made by Zambia’s finance ministry on Tuesday. Southern Africa is facing its most severe drought in …
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ON Friday, Nigeria’s foreign reserves climbed to $34.14bn, reflecting a notable 4.06 percent increase from $32.74bn reported earlier in June 2024. This surge, detailed in a report by The Punch newspaper, underscores the impact of recent financial injections from the World Bank, as confirmed by sources familiar with the matter. The government …
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THE Socio-Economic Rights and Accountability Project has sent a complaint to the World Bank Inspection Panel, urging it “to probe allegations of corruption in the spending of the loans and other funding facilities obtained by the Federal Government and Nigeria’s 36 state governors and to review the implementation of all …
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No fewer than three million poor and vulnerable households have benefitted from the $800m palliative loan disbursed by the World Bank to cushion the effect of recent government policies, such as the fuel subsidy removal. Of these beneficiaries, 700 thousand households were from rural areas and about 2.5 million households …
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THE Federal Government has borrowed a total of $4.95bn in loans from the World Bank in the past 12 months, pushing the total public debt to N101trn amid worries about the increasing costs of servicing external debt. The nation’s public debt was put at approximately N97trn as of December 2023, according …
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THE World Bank has approved two financing facilities of $2.25 billion for Nigeria to support the Federal Government’s efforts to stabilize the economy. The approval was announced in a statement on Wednesdsy entitled, “Supporting Nigeria’s Homegrown Reforms: New World Bank Financing for Inclusive Growth and Revenue Diversification.” The statement said: …
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•Downgrades forecast for 2025 economic growth The World Bank on Tuesday affirmed its 3.3 per cent economic growth forecast for Nigeria in 2024, saying the nation’s economy was mildly buoyant in the early part of the year despite macroeconomic adjustments. However, the World Bank downgraded its forecast for Nigeria’s economic …
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