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Boom Time In Africa, But Brainstorm Self-Reliance

AFRICANGLOBE - African economies are booming. According to the latest figures from the World Bank, Kenya, Nigeria and Ethiopia are among the fastest, growing economies in the world — but many have questioned if this growth is sustainable or, indeed, if it is coming at the expense of the poor and vulnerable.

Made In Africa: Three Cars Designed And Manufactured In Africa

AFRICANGLOBE - African entrepreneurs are now entering the automobile industry; designing and developing vehicles specifically geared for the local market and local consumers but with global aspirations. Below are three African automobile manufacturing companies that are developing “made in Africa” vehicles that look the most promising for the African consumer market;

Has The “Asian Takeover Of The World Bank” Worsened Discrimination Against...

AFRICANGLOBE - The World Bank’s rumor mill has been abuzz with “the Asians are taking over the World Bank” whispers since Dr. Jim Yong Kim, a Korean-born American, became the first non-Caucasian president in the World Bank. Of the 12 top management brass, including the President and those who report directly to him, six are of Asian origin.

Caribbean Remittances Grew By Five Percent – World Bank

AFRICANGLOBE - In 2013, remittances were significantly higher than foreign direct investment (FDI) to developing countries and were three times larger than official development assistance.

Africa Is The Next Travel Frontier

AFRICANGLOBE - We can’t underestimate the potential of the African travel market. The growth of the Africa market has already been seen in Africa - it is now for the rest of the other continents to catch on recognizing that Africa truly is the next frontier.

‘Apartheid Avenue’ Two Blocks From The White House

AFRICANGLOBE - A segment of 18th Street between Pennsylvania Avenue and G Street has been christened “Apartheid Avenue.” To the left of the Street stands the World Bank’s “J” building where Blacks are segregated. To its right sits the bank’s flagship building where Black professionals face glass doors.

Ethiopia Still Needs A ‘Strong Hand’

AFRICANGLOBE - The World Bank is "wrong" about how hard it is to do business in Ethiopia, Hailemariam Desalegn the country's prime minister.

China Could Overtake The US As The World’s No. 1 Economy...

AFRICANGLOBE - China’s economy is catching up to the U.S.’s much more quickly than anticipated. That’s according to a new report from the International Comparison Program of the World Bank.

The World Bank’s New Shock Doctrine

AFRICANGLOBE - One of the problems with neoliberal economic policy is that it’s tough to get countries to agree to it; especially democratic ones. It has often required quite extreme measures, such as invasion – the classic example being the US-backed coup against Chile’s democratically elected president – or debt bondage and structural adjustment led by the International Monetary Fund.

World Bank To Approve Funding For Congo’s Inga Dam Project

AFRICANGLOBE - The World Bank is likely to approve $73 million next week to fund an expansion of the Inga hydroelectric dam in Democratic Republic of Congo, a bank official said on Friday.

World Bank To Setup $1 Billion Fund To Map Africa’s Mineral...

AFRICANGLOBE - The World Bank wants to launch a $1 billion fund in July to map the mineral resources of Africa, using satellites and airborne surveys to fill geological gaps across the continent where a lack of adequate data hampers mining investments.

Africa’s New Struggle Against Financial Imperialism

AFRICANGLOBE - One hundred years ago, European colonists conquered and plundered Africa because they had far superior technology. To this very day, European nations continue to plunder Africa because they possess advance weapons. This time the weapon of choice in the re-conquest of Africa is financial warfare; it is no longer military force. But the end result is the same: Western corporations profit, whilst Africa remains underdeveloped and over-exploited.

The World Bank’s Diminishing Role in Africa

AFRICANGLOBE - Two recent African events illustrate how much the landscape for development finance has changed — and what role the World Bank will play in the future. In May, the bank’s president, Jim Yong Kim, pledged $1 billion to...

World Bank, AFDB to Fund $1.26 Billion Ethiopia-Kenya Power Line

AFRICANGLOBE - The World Bank and African Development Bank will provide 80 percent of the funds needed for a $1.26 billion line that will take power to Kenya from Ethiopia.

Tanzania Discovers Natural Gas

AFRICANGLOBE - Tanzania has signed three loan agreements with the World Bank worth $196.5 million to strengthen its energy sector following major gas discoveries, the country's finance ministry said in a statement.

Africa’s Economic Boom Versus Poverty Reduction

AFRICANGLOBE - In spite of Africa's significant economic growth, expected to overtake the global average over the next three years, the World Bank has argued that it is up to the continent's leaders to convert the projected growth into poverty reduction.