Africa Business World 

World Bank cuts growth forecast for sub-Saharan Africa

Economic growth forecast for sub-Saharan Africa for 2019 to 2021 has been cut by the World Bank by 0.2 percentage points. Earlier projection by the bank was promising but the latest cut according to the banks is due to slowdown in fixed investment and policy uncertainty in the global economy. The World bank stressed that the economy of sub-Saharan Africa will hit 2.6% this year. That is a cut from a 2.8% projection in April. Growth would however rise to 3.1% in 2020 and 3.2% in 2021, the bank’s latest…

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David Malpass for World Bank top job Africa OP-ED 

Mixed news for Africa in Trump’s pick at World Bank

from TRACEY IRVING in Washington, USA WASHINGTON – A KEY player from Donald Trump’s 2016 election campaign is set to head the World Bank. Mr Trump has selected US treasury official David Malpass for the role after the surprise resignation last month of bank president Jim Jong Kim. As largest shareholder and the main funder, Washington’s choice for the job gets the nod, though in theory it’s up to the bank’s board. The Korean-born Dr Kim was appointed by Barack Obama in 2012 and quickly imposed a ban on lending for projects using coal.…

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Business Development 

World Bank and IMF, help #StopTheBleeding of Africa’s wealth!

As the World Bank and the International Monetary Fund (IMF) hold their Spring meetings in Washington, DC, billions of dollars due to African nations are illicitly leaving the continent. Africans Rising for Justice, Peace and Dignity, an emerging pan-African citizens’ movement, condemns the World Bank’s and IMF’s lack of action on and complicity in illicit financial flows from Africa and calls on them, as well as African governments and regional bodies, to act to #StopTheBleeding of African wealth now. According to the Economic Commission for Africa, illicit financial flows from…

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World Bank promises Malawi US$50 million to maintain areas affected with floods

Alister SmithLilongwe. February 14: The World Bank has assured of assisting the country with US$50 million to help in maintaining areas that were affected by floods.

 Minister of Finance, Goodall Gondwe said,’’ The Bank decided to help the country having considered the diverse impact of the flooding and the desperate need for a quick response.’’

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World Bank Approves $340 Million for Africa Hydro-Power Project

The World Bank said its board approved $340 million of financing for a hydroelectric project intended to provide electricity to 62 million people in Rwanda, Tanzania and Burundi. The Regional Rusumo Falls Hydroelectric Project has a total cost of $468.6 million and will eventually have generation capacity of 80 megawatts, according to a statement released today by the Washington-based bank. Each country is getting $113.3 million from the bank’s International Development Association unit, which offers zero-interest loans and grants to the poorest countries, it said. The so-called run-of-the-river project aims to…

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“A little knowledge is a dangerous thing. So is a lot”

By: Jennifer Fierberg Holding too much information and working closely with the government in Rwanda can be a lethal combination. This was evidenced again on Monday when the body of Theogene Turatsinze was found after having been missing since Friday night in Mozambique. Sources held report that he had been abducted by unknown assailants and was never seen alive again.  The cause of his death has been unofficially declared as drowning but the official cause of death is still being investigated. His hands were found bound behind his back and…

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Philosophical look at Africa and why it is the least developed Continent

Field Ruwe (born August 8, 1955) is a Zambian author They call the Third World the lazy man’s purview; the sluggishly slothful and languorous prefecture. In this realm people are sleepy, dreamy, torpid, lethargic, and therefore indigent—totally penniless, needy, destitute, poverty-stricken, disfavored, and impoverished. In this demesne, as they call it, there are hardly any discoveries, inventions, and innovations. Africa is the trailblazer. Some still call it “the dark continent” for the light that flickers under the tunnel is not that of hope, but an approaching train. And because countless keep waiting in the way of the train, millions die and many more remain decapitated by the day.

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