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World Bank to Spend $5 Billion On 27 Projects In Nigeria

AFRICANGLOBE - Reports have emerged that the World Bank plans to boost capacity development in Nigeria within the next five years with 27 projects costing about 785 billion naira ($5 billion). Nigerian newspaper BusinessDay, said the development agency’s Country Director, Ms Marie-Francoise Marie-Nelly, dropped the “hint” on Tuesday at a workshop in the country.

Development Bank of Ethiopia Offers $20m To Fund Renewable Energy Projects

AFRICANGLOBE - The Development Bank of Ethiopia will offer up to $20 million to private companies in efforts to accelerate development of renewable energy and energy efficient products. The funds will be drawn from money granted to the country by the World Bank in May of last year, with a total of $ 40 million having been allotted to renewable energy development projects initiated in the private sector according to reports in local media.

Africa Must Safeguard Economic Growth

AFRICANGLOBE - Developing African countries have been challenged to safe guard their economies so that they achieve economic development in the year 2013. The World Bank in their new report entitled Global Economic prospects report say that the world's economy performed poorly in the year 2012 due to the onset of the global financial crisis.

World Bank Launches $4bn fund to Invest in Ethiopia

AFRICANGLOBE - The World Bank is set to pump $4 billion into Ethiopia in the coming four years in order to enhance competitiveness and employment generation through its country partnership strategy. Launching the new strategy on Wednesday in Addis Ababa, the bank said the money will be used to build on the progress achieved by Ethiopia during the past five years.

Ethiopia Experiencing a 10.6% Growth Since 2004 – World Bank

AFRICANGLOBE - The World Bank Report says “Ethiopia has experienced strong and generally broad-based real economic growth of around 10.6% on average” between the...

Report Details Shocking Racism at the World Bank

AFRICANGLOBE - The modern mission of the World Bank is to alleviate world poverty, but although Asia and Africa are home to 80 percent of the world’s poor, the racism of the bank is so deeply entrenched and pervasive that the nations of Africa have virtually no say over the bank’s policies and actions and blacks have no presence in its internal operations, according to an article by former World Bank officer Phyllis Muhammad.

World Bank Must Address Human Impact of its Policies – HRW

AFRICANGLOBE - The World Bank should incorporate human rights in its revised policies as a key component of fulfilling its mission to eradicate poverty, Human Rights Watch and the Center for International Environmental Law (CIEL) said today.

Nigeria’s Oil Prosperity Not Guaranteed

The World Bank said Thursday that it expected about $31 billion in Foreign Direct Investment (FDI) inflows to Africa this year, adding that there...

World Bank Approves $1.15 Billion Interest Free Loan for Ethiopia

The World Bank has endorsed a $1,15 billion interest free loan to Ethiopia under its country partnership strategy (CPS) that will help the Horn...

Africa Faces an Energy Supply Crisis But Economic Boom Is Near

The World Bank's Africa Energy Unit (AFTEG) estimates that 25 of Africa's 54 nations face an energy crisis. However, Paul Fitzsimons, power and energy...

World Bank Highlights Massive Inequality in South Africa

In an ideal society, every child would have an equal shot at achieving their human potential, regardless of their race, gender, family background or...

Economic Growth in Africa Remained Robust in 2011 – World Bank

The World Bank in its newly-released Global Economic Prospects (GEP) shows that economic growth in Africa remained robust in 2011 at 4.7 percent. Excluding South...

Ethiopia Secures WB Loan for Kenya Link Electricity Substations

A high-level delegation from the Ethiopian government has secured a loan for the construction of substations for the Ethiopia to Kenya power interconnection project...

Support for Nigeria’s World Bank Bid Grows

The received wisdom says there's no chance of Ngozi Okonjo-Iweala winning the presidency of the World Bank. She's a woman, she's from the developing...

An African President of the World Bank Is Not the Solution,...

The hegemony and legitimacy of both the World Bank and International Monetary Fund is too-often nonchalantly presumed. Not only has the World Bank failed...

Could Africa Take 85 Million Jobs from China

The World Bank has said it's in very early stage talks on cooperating with China to promote the transfer of low-value manufacturing jobs to...