World Bank commits $22.5 billion more to Africa for climate change

World Bank commits $22.5 billion more to Africa for climate change

World Bank Group announced Thursday it is providing USD$22.5 billion to Africa for climate mitigation and adaptation across five years beginning with 2021, adding to the $17 billion already committed through the Africa Climate Business Plan. The announcement was made during the One Planet Summit in Nairobi, with President Uhuru…

Ramaphosa addresses G20 Africa summit hosted by Merkel

Ramaphosa addresses G20 Africa summit hosted by Merkel

President Cyril Ramaphosa of South Africa was among leaders, including host German Chancellor Angela Merkel, who delivered keynote addresses to the G20 Investment Summit in Berlin on Tuesday. Ramaphosa praised the success to date of the G20’s Compact with Africa program, which was launched last year in Hamburg. Since then,…

World Bank promises $180 million for Kenya’s energy sector

The World Bank has approved USD$180 million in loan guarantees to boost Kenya Electricity Generation Company Limited (KenGen) and the country’s energy sector. The KenGen project, supported by private sector financing, will build on Kenya’s progress in diversifying its energy sources – including geothermal power – while bringing much needed…

AfDB denies reports it has cut off $400 million loan to Nigeria

The African Development Bank (AfDB) said Tuesday that it has not decided to call off loans to Nigeria, countering widespread media reports that the support for the West African nation’s ailing economy was withdrawn. “The African Development Bank is highly encouraged by the economic recovery of Nigeria from recession and…

Merkel makes G20 ‘Compact for Africa’ case in Berlin

German Chancellor Angela Merkel pressed her case for investment in Africa on Monday as part of the G20’s Compact for Africa initiative, the focus of two-day meetings in Berlin. Merkel, whose nation holds the current G20 presidency, welcomed African leaders from Côte d’Ivoire, Ghana and Tunisia, the three nations that…

Somalia: World Bank approves USD$50 million for drought emergency

The World Bank has approved USD$50 million in grant funding to assist with the drought and famine response, and provide humanitarian aid to Somalia. The Somalia Emergency Drought Response and Recovery Project (SEDRP) will be coordinated through the International Committee of the Red Cross (ICRC) and the United Nations Food…

WEF: Competitiveness report focuses on youth, jobs, cities

The Africa Competitiveness Report was released Thursday at the World Economic Forum on Africa meeting in Durban, with some muted positive trends despite the overall economic stagnation. Lagging infrastructure improvement, weak financial sector development and low levels of regional trade continue to be key constraints to growth. Yet the report,…