The World Bank says it has approved $150 million in financing to support small enterprises in Morocco and improve social programmes in the North African country. The funds, approved on Friday, will help the government “modernise its national identification system and provide financing to promote innovative startups and job creation”, a statement said. According to […]
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World Bank Group President Jim Yong-Kim on Thursday said the bank was working toward raising 1.6 billion dollars to build social protection systems to end food insecurity in sub-Saharan Africa and Yemen. In a statement made available to newsmen by the Head of Communications, World Bank Nigeria in Abuja, Mrs Olufunke Olufon, Yong-Kim said about […]
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Nigeria wants to borrow at least $1 billion from the World Bank and to sign within months for a $1.3 billion loan from China to fund railway projects, Finance Minister Kemi Adeosun said on Tuesday. Africa’s biggest economy needs to plug a gap in its record 7.3 trillion naira ($23.17 billion) 2017 budget, which boosts […]
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After plunging into its worst recession in over two decades, the World Bank projects that Nigeria will get out of recession, and grow its gross domestic product (GDP) by one per cent this year. According to reports, the global financial institution also said the global economy will accelerate moderately to 2.7 per cent this year. […]
Read More The World Bank has indicated its willingness to assist Nigeria’s maritime sector with $40 million. The Nigerian Shippers Council said the fund is expected to be used to clear the traffic gridlock along ports access roads in Apapa, Lagos. The Executive Secretary of the Council, Mr. Hassan Bello, who spoke in Abuja yesterday at a […]
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The Fadama II Additional Financing project financed by the World Bank has supported a total of 10,845 farmers in the last 10 months. The support, according to the Kano State Coordination Office of Fadama, was facilitated through the signing of a Memorandum of Understanding between Dangote Tomato Company and Fadama Production Cluster Group on profitable […]
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Europe and the United States have “misused” the World Bank and International Monetary Fund for their own ends, according to an executive at a new bank launched by major developing countries. While such an accusation is hardly new, it is unusual for it to come from a rival institution. “The Washington institutions fundamentally reflect the […]
Read More The New Development Bank (NDB) set up by the BRICS nations and the World Bank group have signed a memorandum of understanding to strengthen their cooperation in addressing global infrastructure needs. The memorandum, signed by World Bank Group President Jim Yong Kim and NDB President K.V. Kamath, formalized the World Bank Group-NDB knowledge partnership, paving […]
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The Minister of Finance, Mrs. Kemi Adeosun, will on Wednesday meet the World Bank to finalise Nigeria’s “policy support document” needed to complete its application for funds to help plug the $11bn budget deficit. “What was delaying (budget support loans) was a lack of flexibility in the exchange rate which we now have that,” the […]
Read More The World Bank has cut Nigeria’s economic growth forecast for this year, citing weakness from oil-output disruptions and low prices, Punchng report. The bank, in its semi-annual Global Economic Prospects report, expects Nigeria to grow by 0.8 per cent, down from an estimate of 4.6 per cent in January. Growth could pick up to 3.5 […]
Read More [M]ore funding is expected from the World Bank to boost Lagos State government’s efforts to expand its agriculture sector to provide food security and improved nutrition of the rural poor. The Lagos Commissioner for Agriculture, Hon Suarau Oluwatoyin who spoke yesterday in a press briefing to commemorate the 1st year of the administration of Governor […]
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GOVERNMENT must diversify the economy if Nigeria is to survive falling global oil prices, World Bank Vice President and Treasurer Arunma Oteh said yesterday. She said Nigeria ranks 152 out of 188 in the Human Development Index, and ranks below the average for sub-saharan Africa. Oteh spoke in Lagos while delivering the inaugural Philip Asiodu […]
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