World Bank - The African Mirror

Feb

2021

First woman, first African: Meet the ‘troublemaker’

ADAOBI TRICIA NWAUBANI NIGERIA'S Ngozi Okonjo-Iweala – an elite economist who has confronted corruption and kidnappers at home and risen to the top ranks of the World Bank, is poised to become the first woman and first African in charge of policing global trade. Backed by U.S. President Joe Biden to lead the World Trade Organization (WTO), the 66-year-old Harvard graduate was dubbed "troublemaker" by friends and foes alike in Nigeria for her vigour in championing the poor and fighting the good fight. It is a nickname the former finance minister was fond of. "It was a badge of honour. If…

Jan

2021

By The African Mirror

World Bank to invest $5 billion in 11 African countries

BUSINESS

THE World Bank is to invest over $5 billion over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods in 11 African countries as they recover from the COVID-19 pandemic. World Bank Group President David Malpass said the investment would help improve livelihoods as those countries recovered from the outbreak and dealt with the impact of biodiversity loss and climate change through 2025. Malpass announced the aid at the One Planet Summit, a high-level meeting co-hosted with France and the United Nations that is focused on addressing climate change and biodiversity loss. The money…

Jan

2021

By The African Mirror

World Bank to invest $5 bln in 11 African countries

BUSINESS

THE World Bank says it would invest over $5 billion over the next five years to help restore degraded landscapes, improve agriculture productivity, and promote livelihoods in 11 African countries as they recover from the COVID-19 pandemic. World Bank Group President David Malpass said the investment would help improve livelihoods as those countries recovered from COVID-19 and dealt with the impact of biodiversity loss and climate change. The funds would benefit countries in the Sahel region, Lake Chad and Horn of Africa, the Bank said in a statement.

Dec

2020

By The African Mirror

Sudan welcomes U.S. move to clear $1 bln in arrears to World Bank

BUSINESS

SUDAN's finance ministry has welcomed the U.S. Treasury's move to clear $1 billion in Sudanese arrears to the World Bank after its removal from Washington's list of terrorism sponsors. The move allows Sudan to access $1.5 billion annually in funds from the International Development Association (IDA), which is an arm of the World Bank. Sudan's presence on the list had cut it off from much-needed financial assistance and foreign investment in the midst of an economic crisis marked by shortages in wheat and fuel. Acting finance minister Heba Ahmed said on Monday that the U.S. Export-Import Bank would also provide…

Dec

2020

By The African Mirror

Why is COVID-19 pushing up extreme poverty and can it be reversed?

COVID-19

SONIA ELKS COVID-19 could push a billion people - almost one in nine of the earth's inhabitants - into extreme poverty by 2030. The alarming statistic laid out in a United Nations report this week is the latest warning of the generational impact the pandemic is having on the world's most vulnerable. How did the coronavirus unleash an economic storm risking so many livelihoods and what can be done to shield those most at risk? What is extreme poverty? Anyone living on less than $1.90 per day is defined as being in extreme poverty by the World Bank, which says…

Oct

2020

By The African Mirror

Somalia’s economy to contract 2.5% this year, World Bank says

BUSINESS

DUNCAN MIRIRI SOMALIA’S economy is expected to shrink by 2.5% this year, the World Bank said on Wednesday, revising its initial forecast of 3.2% growth due to the impact of the coronavirus crisis. Apart from the pandemic, the Horn-of-Africa economy has also been hit by severe flooding this year and a widespread infestation of desert locusts, which is in its second wave. "The pandemic is projected to push the economy into contraction, increase fiscal pressures, and deepen poverty in 2020," the World Bank said in its latest review of the economy. Somalia secured the ability to receive debt forgiveness from…

Oct

2020

By The African Mirror

More synchronized action needed to tackle COVID economic crisis

BUSINESS

THE international community must do more to tackle the economic fallout of the COVID-19 crisis, the head of the International Monetary Fund said on Monday, publicly calling on the World Bank to accelerate its lending to hard-hit African countries. Some of the key events of the virtual and elongated annual meetings of the IMF and World Bank take place this week, with the most pressing issue how to support struggling countries. "We are going to continue to push to do even more," IMF Managing Director Kristalina Georgieva said during an online FT Africa summit. "I would beg for also more…

Oct

2020

By The African Mirror

Sub-Saharan Africa to contract 3.3% this year, World Bank says

BUSINESS

DUNCAN MIRIRI THE coronavirus crisis is expected to drive a 3.3% contraction in sub-Saharan African economies in 2020 and could push 40 million people into extreme poverty, according to the World Bank. The Washington-based lender said growth in the region would recover in 2021, with economies growing by 2.1%, below 2019's growth of 2.4%. "The COVID-19 pandemic has taken a large toll on economic activity in sub-Saharan Africa, putting a decade of hard-won economic progress at risk," the bank said. Apart from South Africa, the region appears to have so far escaped the worst of the health crisis, accounting for…

Oct

2020

By The African Mirror

Coronavirus may push 150 mln people into extreme poverty – World Bank

COVID-19

THE World Bank says that the coronavirus pandemic could push as many as 150 million people into extreme poverty by the end of 2021, wiping out more than three years of progress in poverty reduction. Releasing its flagship biennial report on poverty and shared prosperity, the multilateral development lender said that an additional 88 million to 115 million people will fall into extreme poverty - defined as living on less than $1.90 a day -in 2020. The report said this could grow to 111 million to 150 million by the end of 2021. That would mean that 9.1-9.4% of the…

Sep

2020

By The African Mirror

Dirty secret: Half of world lacks clean cooking, at a huge cost

WORLD

MEGAN ROWLING A global failure to provide about 4 billion people - half the world's population - with access to clean, safe and affordable ways of cooking is costing $2.4 trillion a year in damage to health, the climate and local economies, new figures show. A report released by the World Bank and its partners this week said women bear the brunt of preparing food using harmful and polluting fuels - a blindspot for governments and business, despite a global goal to provide clean cooking for all by 2030. The bulk of the cost of dirty cooking - $1.4 trillion…