World Bank warns of COVID impacts on global poverty

World Bank warns of COVID impacts on global poverty

The COVID-19 pandemic is expected to push as many as 150 million more people into extreme poverty by 2021, the World Bank says, marking the first time in 20 years that the number of those in such poverty will rise. The pandemic “compounds the forces of conflict and climate change”…

Benin’s Talon talks security, development during U.S. visit

President Patrice Talon of Benin met with United States diplomats and World Bank executives during his trip to Washington D.C., with his discussions focused on investment and the West African nation’s economic development. Talon also met with U.S. Secretary of State Mike Pompeo on Tuesday to discuss regional security cooperation…

Ethiopia dam talks move closer to final agreement

Ethopia, Egypt and Sudan have made progress in the dispute over the Grand Ethiopian Renaissance Dam (GERD), which will provide a much-needed 15,000 GWh per year in energy for Ethiopia but threatens Nile River water resources on which the other nations depend. The foreign affairs and water resources ministers of…

Africa relies on remittances but fees remain high

When it comes to the critical role of remittances, it’s hard to overstate the impact in African nations and the trend only continues to grow. For Gambians, such remittances – money sent home to families from loved ones working abroad – accounted for 15.1 percent of GDP in 2018. That’s…

Nearly $62 million is headed to Africa to support women in business

Nearly USD$62 million for women in business is headed to the African continent, after the Women Entrepreneurs Finance Initiative (We-Fi) announced on Monday its funding allocation for the African Development Bank and its own women-focused programs. The funding through AfDB’s Affirmative Finance Action for Women in Africa (AFAWA) will be…