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African Development Bank debars CHINT Electric for 36 months for fraudulent practices

The African Development Bank Group (AfDB) announced on Monday the conclusion of a settlement agreement with CHINT Electric Co., Ltd., a power transmission and distribution equipment manufacturer and EPC contractor, debarring the Chinese company for 36 months for fraudulent practices An investigation conducted by the Bank’s Office of Integrity and Anti-Corruption established that CHINT Electric […]

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Kagame appoints female CEO for national carrier RwandAir

Rwanda’s President Paul Kagame has appointed Yvonne Manzi Makolo as Chief Executive Officer (CEO) of Rwanda’s national carrier, RwandAir. Makolo’s appointment was part of a cabinet reshuffle announced over the weekend. Makolo has previously worked in the private sector since returning to Rwanda from Canada in 2003. She worked with a World Bank project; an […]

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São Tomé and Príncipe gets $10 million boost from the World Bank

The World Bank will provide about $10 million to finance social projects in São Tomé and Príncipe. The projects will help the West African archipelago reduce social inequalities and fight poverty in the next 5 years, Éric Sapatéro, a World Bank official said. Half the amount will finance social housing projects, while the other five […]

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Preventing violent conflict could save up to $70 billion a year – World Bank

Preventing violent conflict in Africa could save lives and save an average of $70 billion a year, according to a study released Monday by the World Bank and the United Nations entitled “Pathways for Peace: Inclusive Approaches to Preventing Violent Conflict.” The resurgence of violent conflict in recent years has caused immense human suffering, at […]

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Week-long national prayers kick-off in Burundi

Thousands of Burundians have gathered at the stadium of the province of Kayanza for a week-long prayer organized by President Pierre Nkurunziza and his family. The objective of the move, according to the First Family, is to thank God for his actions in Burundi throughout the year, but also to entrust him with the year […]

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Cairo seeks World Bank intervention in Ethiopia’s Nile dam saga

The Egyptian government on Tuesday requested that the World Bank intervene to resolve tensions with Ethiopia over a massive dam on the Nile River. According to Egypt’s Foreign Minister Sameh Shoukry, who was speaking in Addis Ababa after a 10-month impasse, the World Bank must intervene to end tension between the two nations. The controversial […]

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Morocco Receives $200 Mln WB Loan to Boost Agri-business Sector

The World Bank has lent Morocco $200 million to help the North African Kingdom strengthen its agricultural value chains for greater inclusion of small and medium producers. With the increased productivity of Morocco’s agriculture sector over the past few years, driven by ambitious reforms under the Agriculture Plan, Plan Maroc Vert (PMV), the country aims […]

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World Bank, AFD Partner with Morocco in support of AAA initiative

The World Bank and the French Development Agency (AFD) decided to partner with Morocco to implement the Adaptation of African Agriculture Initiative, through a one million Euro Funding. The Memorandum of Understanding related to this partnership was signed in Paris Tuesday on the sidelines of the One Planet Summit that saw the participation of King […]

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World Bank downgrades Kenya growth forecast

The World Bank on Wednesday said it has slashed 2017 growth forecast for Kenya’s economy to 4.9 percent due to drought, sluggish credit growth and post-election saga. The country’s economic outlook was earlier in the year adjusted downwards to 5.5 percent from 6 percent growth owing to unfavorable weather conditions that drove up the rate […]

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Switzerland to return $321m confiscated funds to Nigeria

Switzerland will soon return to the Nigerian government $321m confiscated from Nigerian dictator Sani Abacha’s clan, Swiss government said on Monday. According to Transparency International, Sani Abacha looted up to $5 billion of public money during the five years he ran Africa’s most populous nation, from 1993 until his death in 1998. He was investigated […]

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