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Nigeria: Less than 2 percent GDP growth in 2018 – World Bank

Nigeria’s economy is expected to post less than 2 percent growth this year. The growth is largely driven by the non-oil industry and service sectors, the World Bank said on Wednesday. Nigeria’s emergence from recession last year remains sluggish, and sectoral growth patterns are unstable. In the second quarter of 2018, the oil sector contracted […]

World Bank Supports Efforts to Upgrade Djibouti Slums

The World Bank Friday approved an International Development Association (IDA) package of $20 million to support Djibouti’s efforts to improve the living conditions for residents of urban areas, achieve its Zero Slum strategy. Funded with a US$20 million from IDA, the World Bank’s fund for the poorest countries, combining credit and grant, the Integrated Slum […]

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Ethiopia gets $1.2 bln loans, grants from World Bank

The World Bank has approved $1.2 billion in grants and loans to Ethiopia, the Washington-based lender said in a statement. According to the bank, the $600 million grant and $600 million loan will finance reforms in the financial sector and improve investment climate. The financial boost will also help promote public-private partnerships to improve efficiency […]

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EU to provide €100 million to Somalia

The EU and Somalia signed Sunday (Oct. 14) an agreement to provide €100 million to the Somali budget over the next two and a half years. These funds will support the Federal Government’s reforms to build a unified, federal state. Somalia is on a positive track towards stability and growth. The EU’s move to budget […]

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Nigeria: Buhari asks lawmakers to approve $2.79 bln Eurobond

Nigerian President Muhammadu Buhari on Tuesday asked lawmakers to approve the issuance of a $2.79 billion Eurobond. According to Buhari, the Eurobond will help Africa’s most populous nation implement its new external borrowing that had already been approved in the 2018 budget to help cope with the budget deficit and fund infrastructure projects. In its […]

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World Bank could suspend funding to Tanzania over new statistics law

The World Bank may suspend funding to Tanzania over a new legislation that would punish anyone who questions official statistics. According to the World Bank, the law would undermine the production of useful and high quality data. The international lender stated that the amendments could also have serious impacts on the generation and use of […]

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Growth in Sub-Saharan Africa Slower than Expected

Sub-Saharan African economies are still recovering from the slowdown in 2015-16, but growth is slower than expected, according to the October 2018 issue of Africa’s Pulse, the bi-annual analysis of the state of African economies by the World Bank. The average growth rate in the region is estimated at 2.7 percent in 2018, which represents […]

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Kenya’s external position is strong – IMF

The International Monetary Fund said Kenya’s external position is strong and it will continue to support its reform efforts through policy advice. Kenya secured a six-month extension for its stand-by credit arrangement of $989.8 million from the fund in March. The second review of the IMF-supported program has not been completed, and the program has […]

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Ethiopia inks $1 bln World Bank deal to support reforms

The new reformist Prime Minister of Ethiopia Ahmed Abiy has secured a $1 billion deal from the World Bank to continue the ongoing reforms in the Horn of Africa nation. The deal with the global financial institution had been reached because “of the reforms taking place in the country,” Abiy told the press in Addis […]

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Côte d’Ivoire to build its first biomass power station from cocoa waste

Côte d’Ivoire, the world’s top cocoa producer plans to build a 60 to 70 megawatts (MW) capacity biomass power generation plant running on waste from cocoa pods. The project is part of the West African nation’s aim to develop 424 MW of biomass power generation capacity by 2030. The country produces around 2 million tons […]

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