World Bank to fund US$30B projects in Nigeria, other countries

NIGERIA – The World Bank is set to disburse a total of US$30 billion to fund existing and new projects in Nigeria and other countries as part of a global response to combat the ongoing food security crisis. The international financial institution, in a statement on the funding plan, noted that the financing will include US$12 billion funding for new…

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World Bank pledges US$180M for irrigation in the face of drought in Morocco

MOROCCO – World Bank has pledged US$180 million to enhance irrigation in the face of drought and strengthen water management in the agricultural sector. The pledge follows the presentation of the Resilience and Sustainability of Irrigation Water (REDI) project in January 2022. The loan will be validated by the end of March 2022. The funds are intended for the implementation…

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World Bank approves US$150M to increase access to electricity services in Senegal

SENEGAL – The World Bank’s Board of Executive Directors approved US$150 million from the International Development Association (IDA) to increase access to electricity services for households, enterprises, and critical public facilities in Senegal. The financing will be utilized under the Energy Access Scale-Up Project (PADAES) in the West African country. More than 1.5 million people will benefit directly from the…

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World Bank approves US$750m DPO to accelerate Kenya’s recovery from COVID-19 crisis

KENYA – World Bank has approved a US$750 million Development Policy Operation (DPO) to help accelerate Kenya’s ongoing inclusive and resilient recovery from the COVID-19 crisis. The DPO will help strengthen fiscal sustainability through reforms that contribute to greater transparency and the fight against corruption. The DPO is the second in a two-part series of development operations initiated in 2020…

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Kyle Kelhofer appointed IFC’s senior regional representative of Sub- Sahara Africa

AFRICA – Kyle Kelhofer has been appointed as the senior regional representative of 5 sub – Saharan countries by The International Finance Corporation (IFC). Kyle Kelhofer will oversee operations of IFC, the private sector arm of the World Bank,  in Benin, Ghana, Liberia, Togo, and Sierra Leone. He succeeds Nigerian Ronke-Amoni Ogunsulire in this position and will be based in…

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Tanzania, World Bank sign loan agreement to improve education and land administration

TANZANIA – The government of Tanzania and the World Bank have signed two concessional loan agreements worth US$650 million for the improvement of education and land administration systems. According to Permanent Secretary in the ministry of Finance and Planning, Mr Emmanuel Tutuba, US$500 million will be spent on the ‘Boost Primary Student Learning Project,’ while the remaining amount will go…

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World Bank approves US$40M package to support Liberia’s private sectors

LIBERIA – The World Bank has approved a US$40 million financing package to improve the investment climate, expand sustainable access to finance, and increase the efficiency of trade in Liberia. The financing package(US$20 million grant and  US$20 million credit) will go to Liberia Investment, Finance, and Trade (LIFT) project as the first World Bank backed-projects in generations to improve the…

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IFC and World Bank to facilitate domestic carbon storage in Nigeria

NIGERIA – The International Finance Corporation (IFC) and the World Bank have begun to work with the Government of Nigeria to develop a domestic market for carbon capture, utilization, and storage for industrial emissions. The initiative will produce a nationwide atlas of CO2 emissions sources and potential sites for underground sequestration. IFC will work with the government to identify the…

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Kasada Hospitality Fund secures US$270m equity investments from World Bank’s MIGA

KENYA – MIGA, a member of the World Bank Group, has issued a Master Contract to Kasada Hospitality Fund that will provide guarantees up to US$270 million of the fund’s equity investments aiming to lead the redevelopment and construction of hotels in Sub-Saharan African countries. The guarantees will provide coverage against the risks of Transfer Restriction, Expropriation, and War and…

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Cape Verde receives US$7m loan from World Bank for renewable energy

CAPE VERDE – The World Bank Group has approved US$7 million in loans for renewable energy and strengthening the operational efficiency of the electricity utility in Cape Verde. The World Bank joins other financial partners. In the funding recently allocated by the World Bank Group to Cape Verde, US$3.5 million is provided by the International Development Association (IDA) and the…

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