Tag Archives: World Bank
World Bank: Latest News
Mongabay, 1:34 pm
Ethiopia has failed to make the most of emission reduction projects that allow developing countries to sell certified carbon credits, a stakeholder said. Making carbon credits marketable requires time, substantial investment and resources. Even then, a prospective buyer might reject them. Proponents say the carbon trading projects can’t come soon enough. The country is losing five times more forest than it’s planting. If Ethiopia is strategic, it can sell abundant resources like water to help power industrialization, boost tourism, boost electricity generation and create a wealthy green economy. And it’s renewable.
Dana Sanchez, 2:13 pm
After oil prices crashed, Angola could no longer service its US$25 billion debt to China. Since the loans were supposed to be paid in oil, most of Angola’s crude production now goes to debt repayment, leaving little to finance economic development. Spending has decreased by 40 percent and cuts to water sanitation and waste collection helped put Angola sixth-to-last on World Bank’s index of inequality. Unlike Angola, Mozambique’s foreign debt and accompanying economic problems cannot be traced back to Chinese loans. Instead they are the result of Chinese illegal fishing in its waters.
Staff, 12:01 am
Obama’s push for LGBT rights has shifted attitudes globally but some are fighting it. Washington, D.C.-based World Bank lends money in developing countries. This year, it researched LGBT discrimination globally and collected data. The bank created a new advisor whose job is to report violence gainst LGBT in the 136 countries in which it does business. Fifty-four African countries want a new U.N. investigator suspended whose job is to investigate human rights violations against LGBT. There’s a good chance their resolution will pass.
Staff, 12:02 am
Just as Nigeria prepares to issue its first Eurobond since 2013, S&P Global Ratings has downgraded the economy of Africa’s most populous country further into junk territory. Africa’s wealthiest man, Nigerian billionaire Aliko Dangote, told CNBC he knows what could help Nigeria move out of the recession — selling government assets to the private sector. “Nigeria’s economy has weakened more than we expected owing to a marked contraction in oil production, a restrictive foreign exchange policy and delayed fiscal stimulus,” S&P said Friday in an e-mailed statement after markets closed.
Dana Sanchez, 12:12 pm
All the big geopolitical players are refining their transition strategies and post-Mugabe plans. Two transitional bailout plans — one from Western backers and another from China — are being refined in anticipation of the post-Mugabe era. The Western package underwrites Vice President Emmerson Mnangagwa’s ascendancy while the Chinese deal is largely designed to shore up First Lady Grace Mugabe and her Zanu PF faction’s political ambitions, according to local Zimbabwean media.
Kevin Mwanza, 8:55 am
China Wu Yi, a leading Chinese construction and engineering company, is set to make an unprecedented profit of $85 million from upgrading a 25 kilometer stretch of road, the company revealed in a statement to its directors. The revelation explains in part why many Chinese companies are scrambling for projects in Africa. The profits China Wu Yi expects are over 100 percent of the estimated projects cost and more than the international net margins of about two percent for similar projects
Staff, 2:27 am
The US$14 billlion Inga 3 power project in the Democratic Republic of Congo (DRC) may be in jeopardy after the World Bank suspended its funding. The bank said that it withdrew its funding on Monday July 25 following disagreements over the “strategic direction” of the project. “This follows the Government of DRC’s decision to take the project in a different strategic direction to that agreed between the World Bank and the government in 2014,” the bank said in a statement.
Lillian Mutiso, 4:47 am AFKI Original
Africa is known for its vast potential of mineral resources. It is a great investment destination for foreign business organization from across the world. Investors’ desire to do business on the continent depends largely on the ease of company registration with regard to meeting legal and regulatory demands. According to the World Bank’s Ease of Doing Business Index, a transparent and smooth registration process woos investors to any nation.
Keren Mikva, 1:07 pm
In August 2015, South Sudan’s warring parties agreed to form a transitional government, ending the civil war that cost tens of thousands of lives and created 2 million refugees. Nearly 90 percent of South Sudan’s land is arable and cattle and sheep are plentiful, yet the country imports the vast majority of food and non-food items. Lack of economic diversity has made the declining oil revenue an even bigger problem.
Dana Sanchez, 9:59 am
Ethiopia has astonishing potential, according to the head of Ford sub-Saharan Africa. It has the world’s second-highest vehicle-to-population ratio, Africa’s second-largest population — 94 million — and the continent’s ninth-largest GDP — $63 billion. So if Ethiopia’s GDP is so high, why is World Bank lending it money at low or no interest? Despite Ethiopia’s much-hyped economic growth, its people are still among the poorest in the world.
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